Flipkart has launched its wallet and new payment method called Flipkart Money.
The wallet will be powered by FX Mart which was acquired by Flipkart last year. The new method has been launched on Android smartphones.
The wallet can be recharged with Rs 10,000 through credit/debit card or net banking. The limit for one time recharge is Rs 10,000 and and a total of Rs 25,000 can be added by the users in a month.
Flipkart had earlier also tried to launch a closed wallet in 2011 but shifted to marketplace model in 2013. The closed wallet limited the scope as it did not allow purchases from third party merchants.
Again in 2013, Flipkart had applied for license through its payment gateway Payzippy but was unable to secure a license.
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