Flipkart makes its intentions clear with the acquisition of payment service FX Mart
Internet
Continue reading
It seems like Flipkart is planning to release a new payment service over the coming months, thanks to its latest acquisition of FX Mart for an estimated Rs 45.4 crores. The acquisition has also led to two Flipkart's senior executives joining the board of FX Mart.

Following the release of mobile wallets from Ola recently, a move like this from Flipkart makes complete sense. Given the amount of customers and fans at its disposal, a payments bank from Flipkart will appeal to a large number of customers.

FX Mart currently holds a license for a prepaid wallet, so customers will be able to add money and use it at a later date. The company had applied for a payments bank license back when they were being issued by the Reserve Bank of India, but unfortunately missed out. However, there is hope that they will get their payments bank license issued in the second batch with a variety of other companies waiting for their licenses.

It must be noted that Flipkart also acquired NGPay last year, but nothing has come out of it as of yet. But with the sort of popularity seen by prepaid wallets, it won't surprise us if Flipkart has a wallet service before the end of the year.

Fellow e-commerce retailer, Snapdeal is also planning to release an online prepaid wallet service before the end of 2015, so Flipkart's offering will be a welcome addition in the markets.

[ Source ]