SnapDeal launches own payment gateway

Online marketplace SnapDeal is going to be the second in line to launch its own payment gateway, reported The Economic Times.

The first online marketplace to launch its own payment gateway was Flipkart. Back in July this year, Flipkart launched its online payment gateway called PayZippy.

SnapDeal's payment gateway will not only have to compete with Flipkart's PayZippy but it will also be competing with older players in the online payment gateway space like CCAvenue, PayTM, PayU, BillDesk, ZaakPay etc.

SnapDeal's payment gateway seeks to promote online payments via credit cards over Cash on Delivery (CoD) amongst Indians.

As reported earlier by India Digital Review, 60 per cent of e-commerce transactions happen via CoD. However this is not a very profitable option for a merchant as the average cost per CoD transaction is 8 to 10 per cent.

Kunal Bahl, co-founder and CEO, SnapDeal, said, "In our business, the core marketplace is the king, the logistics platform the queen, while the payments platform is the jack. We need to get this entire stack in place."

SnapDeal's payment gateway will not only store credit card details, billing and shipping information of a customer, but will also offer analytics to consumers, pertaining to their choices. The stored information will fasten the checkot process with consumers not requiring to enter their details everytime they do a transaction with SnapDeal.

SnapDeal, with about 20,000 sellers and offering products across 500 categories may also license its yet to be named payment gateway to other e-commerce firms.

Share this:

About Jessica Priston

Ut tellus dolor, dapibus eget, elementum vel, cursus eleifend, elit. Aenean auctor wisi et urna. Aliquam erat volutpat. Duis ac turpis. Integer rutrum ante eu lacus. Vestibulum libero nisl, porta vel, scelerisque eget, malesuada at, neque. Vivamus eget nibh. Etiam cursus leo vel metus. Nulla facilisi. Aenean nec eros.

  • Website
  • Google+
  • Rss
  • Pinterest
  • Instagram
  • LinkedIn
  • Vimeo
  • Youtube
  • Flickr
  • Email

Related News

  • Cashback site Cashkaro now offers restaurant discounts

    India’s e-commerce market looks large and lucrative enough from the outside, but insiders know it is very challenging. In fact, the number of e-commerce sites and businesses is growing so fast here today that the competition is cut-throat. This

  • What is Viscose Material? Advantage and disadvantage of viscose.

    Viscose is a unique form of wood cellulose acetate used in the nnmanufacture of a number of different products. This includes items for nnthe medical industry, though it is perhaps most common as a major nningredient in the production of the fabric r

  • Honda launches new CBR 250R bike
    Honda launches new CBR 250R bike
    July 01, 2014 5:50 am

    New Delhi: Honda Motorcycle & Scooter India (HMSI) launched a new edition of its global sports performance bike CBR 250R priced between Rs 1.56 lakh and Rs 1.86 lakh (ex-showroom Delhi). The 2013 edition CBR 250R is available for sale across a

  • Zara has opened store at Ambience mall, Gurgaon

    Zara, has opened its new store at Ambience mall, Gurgaon. Spread over 28,000 sq.ft. across two floors the store has taken the space earlier occupied by Debenhams. With this Zara now has twelve stores in India. It is present in 86 countries with