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Recently, Flipkart got blown off its feet due to the resignation of Mukesh Bansal (Co-Founder of Flipkart) that further got worse with the resignation of Ankit Nagori (Flipkart's Chief Business Officer). Both Mukesh Bansal and Ankit Nagori resigned from the company as they had their own set of future plans. Mukesh would now act as an advisor for the company while Ankit left the company to start his own entrepreneurial venture in the sports domain and happily Flipkart co-founders Sachin and Binny Bansal are the first investors in his new company.
Read On: Mukesh Bansal unexpectedly exits Flipkart
However, in the latest reports from the company's end, it has now started its own personal Digital Wallet system for the Android platform. The entire wallet is being maintained by popular payment firm FX Mart. Apart from incorporating the feature in its Android app, the company has also started the same Wallet tab on its official website. Though it is not functional beyond displaying the current balance, details of transactions, and the ability to add gift cards, but it is expected that this feature would soon get activated on iOS and Windows as well.
This new Wallet feature will help the company issue quick refunds to its users, and even users will be able to store and save their gift cards, credit/debit card details for future correspondence while maintaining a personal prepaid balance within the company. As per the FAQ's listed on the company's official website, the Flipkart Money balance cannot exceed Rs.10,000, and top-ups cannot exceed Rs.10,000 per month. Any transfers from Flipkart Money to a user's bank account are restricted to Rs.5,000 per transaction and Rs. 25,000 per month.
Additionally, users whose accounts are OTP verified will only have to agree to the terms and conditions of the wallet. The terms and conditions for the wallet notes that Know Your Customer (KYC) documents may be required for activation, and continued usage of the wallet. If incorrect details are provided, the company has the right to cancel the user's wallet.
This surprise integration comes after whole 5 months of collaboration between Flipkart and FX Mart that occurred in September 2015. At the time of collaboration, the company had confirmed that it would integrate the payment service on its own platform as well as in Myntra. It must be known that FXMart has been authorised by the RBI as an issuer of Semi-Closed Pre-Paid Payment Instruments.
This new integration of Facebook will surely stand in competition against other major wallet players of India like Paytm, Mobikwik, Freecharge and etc. All these services are known for instant mobile recharging, DTH payments and other add-ons. To make it easier for the users, Freecharge also provides a virtual card powered by marterCard and Yes Bank which user can use on any Indian e-commerce website.
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