To take on the likes of Paytm Wallet and Snapdeal’s FreCharge wallet, India’s top e-commerce player Flipkart have launched it’s own digital wallet service – Flipkart Money powered by FX Mart.
Flipkart Money acts as a one-stop payment mechanism for all your purchases at Flipkart (and elsewhere, if they expand to other stores) along with managing your payment methods, saving gift cards, cash back and getting instant refunds. You can even withdraw funds to your bank account from the wallet.
How to activate Flipkart Money?
- On Flipkart App, click on ‘My Account’ under the menu
- Under My Account page, click on the Activate Now button under the Flipkart Money tab (or click Flipkart Money from your desktop)
- There is a one-time activation process, where you need to confirm/provide your name, email ID and mobile number (which will be verified using OTP)
- Once activated, there will be a permanent Flipkart Money tab under My Account.
- Flipkart Money is valid for 24 months from the time of activation or 24 months from the last transaction, whichever is later.
Flipkart Money is currently only available on Android devices, with the company promising access on other platforms like iOS and Windows Phone in the near future.
Flipkart Money is powered by FX Mart Private Limited, a payment service company that Flipkart acquired on late 2015. The service is licensed and regulated by the Reserve Bank of India(RBI). One can top-up the wallet or add funds using a Credit card, Debit card or Net Banking with a maximum top-up limit of Rs 10,000 per month. At any point in time, the Flipkart Money balance cannot exceed Rs 10,000.
Funds from Flipkart Money can be transferred to Bank Account with a limit of Rs 5000 in a single transaction and a maximum of Rs 25,000 in a month. As a part of a promotional offer, Flipkart will not be charging any transfer fee on bank transfers.
With the entrance of Flipkart wallet service, we can expect more competition in the digital wallet space. There have been reports that Amazon also looking to open wallet service in India in the coming months.