India’s leading e-commerce site Flipkart, founded four years ago by former Amazon employees Sachin and Binny Bansal, has added a prepaid payment feature that lets customers store their money on the site. Shoppers can then use the ‘Wallet’ to purchase items without having to enter their credit or debit card information.
This new feature aims to simplify online payments for customers as they can store up to Rs. 10,000 ($190) in their Wallet and then use the money for multiple purchases over a long period. The checkout process is also faster and more reliable as they don’t use payment gateways or enter their financial details.
If a customer wants to buy something that costs more than the amount they have in their Wallet, Flipkart allows them to partially pay for the item with their Wallet’s funds and then add the rest from another source. The Wallet also has no expiry date and the stored money can be easily returned to a person’s bank account if they want it refunded.