Indian electronic commerce company Flipkart is now focusing on financial technology solutions to help drive this platform move towards profitability. “Financial services are very profitable. We have data and customer trust to build it on. It is a great way to drive more transactions and also profitability for the platform,” said Flipkart group chairman Sachin Bansal.
Ravi Garikipati as the Head of the Fintech
Flipkart has made its chief technology officer Ravi Garikipati as the head of Fintech for the company, which is an indication that the e-commerce company is focusing strongly on the space. “Yes, we have put (Ravi ) as head of Fintech for Flipkart. We are very serious about Fintech” said Bansal.
Orders still Paid by Cash
“About 70% of orders on Flipkart are still paid by cash. When digital payments will speed up, anyone can become an entrepreneur and sell anything on ecommerce platforms, and thus operations will be smoother and consumers will have a good experience. Consumer stickiness for merchants using digital payments mode is way higher,” Bansal said.