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Leading Indian eCommerce player Flipkart.com has partnered with CyberSource, a Visa Company (NYSE: V), one of the world’s largest providers of eCommerce payment and fraud management services, to enable international card transactions on the website.
As a result of this partnership, customers outside of India will be able to purchase products and gifts on Flipkart.com for their friends and family in India. CyberSource’s fraud management solution will allow Flipkart to safely and efficiently accept cross-border transactions, paving the way for rapid, confident market expansion.
Decision Manager, CyberSource’s fraud management solution, provides Flipkart access to the World’s Largest Fraud Detection Radar. With access to over 260 real-time global validation tests, derived from insights from the over 60 billion transactions processed annually by Visa and CyberSource, Decision Manager empowers Flipkart to automatically screen more orders, faster, with increased accuracy. Decision Manager will operate alongside Flipkart’s in-house fraud detection system, FRANK, to provide coverage across domestic and international orders.
Commenting on the partnership, Mekin Maheswari- GM, Payments and Digital Media at Flipkart.com said “With this strategic initiative, we have now opened up a much larger market for international customers who are increasingly looking to buy and ship gifts/products within India, without compromising on our high focus on online safety and security. The partnership with CyberSource leverages the PCI-DSS certification we received early last year to create a tightly integrated and secure user experience, consistent with the customer obsessed culture of Flipkart.”
“Companies expanding into international eCommerce must mitigate related fraud risks to protect revenue. CyberSource Decision Manager will enable Flipkart to maintain a strong risk management strategy as part of its international expansion,” said J Michael Bradley, Managing Director for Asia Pacific, CyberSource. “We are pleased to be chosen by India’s leading eCommerce brand to enable their next phase of expansion.”
CyberSource Corporation, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 390,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in San Francisco and maintains offices throughout the world, with regional headquarters in Singapore (Asia Pacific); Tokyo (Japan), Miami/Sao Paulo (Latin America and the Caribbean), and Reading, U.K. (Europe/Middle East/Africa). CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit www.cybersource.com/asiapacific.
Flipkart.com is one of the largest e-commerce brands in India and has been operational since 2007. With 16+ categories and a slew of innovative features, it is also the only Indian e-commerce brand with a digital store, Flyte.
Early last year, Flipkart completed the PCI-DSS certification for all their payments components which enabled them to be able to accept and store payment instruments on their website using the “Save Card” functionality.