Bengaluru: Flipkart has brought festive cheer to its consumers by extending additional benefits on EMI offerings with Flipkart-Pay-Later offering ahead of the festive season. Flipkart is India’s homegrown e-commerce marketplace.
This EMI facility opens a credit line of upto Rs 70,000 that can be paid back over flexible tenures of 3, 6, 9 and 12 months for eligible customers to buy products this festive season. Flipkart Fintech and Payments Group Head Ranjith Boyanapalli said many high-value purchases are made during the festive season and the company has strengthened its EMI offerings to ensure customers manage finances and expenses judiciously during this period.
“In the times to come, we will continue to explore partnerships that can help customers upgrade their lifestyle affordably,” he said.
The facility will enable 100 million plus customers to apply for the product by providing the required information with this platform. Flipkart also aims to bridge the gap between access to credit and consumers aspirations. It will also offer no-cost EMI offers across a wide range of products, as well as standard EMIs, in partnership with 18 leading banks and financial companies including American Express, SBI and others.
The tenures for no-cost EMIs and standard EMIs will be up to 12 months and 36 months respectively. Users need to enter their PAN and Aadhar details on the app to make purchases. Users can select Flipkart Pay Later EMI as their payment option and choose their preferred tenure.
Flipkart plans to cross the 100 million transaction benchmark by the end of the year fuelled by increased demand for digital solutions and value-driven credit options. The facility helps customers stagger large expenses into smaller, interest-free EMIs. It simplifies purchases of daily essentials while also bringing premium products within reach.
As a testament to this, the Pay Later facility is emerging as the fastest growing digital payment method on e-commerce platforms in India. It is estimated to occupy 9 per cent of the total market share by 2024, according to the Global Payments Report by Worldpay from FIS. Adoption rate of Flipkart Pay Later at the time of check-out presently stands at 70 per cent.