Flipkart, India’s favourite homegrown e-commerce marketplace is aiming to expand its ‘Flipkart Pay Later’ credit offering and is expecting a 2x growth piggybacking on this, by the end of this year. This credit offering has already brought a good growth to Flipkart in the past few months and currently, there are 2.8 Million users who have used the Flipkart Pay later offering at the time of checkout.
Using this credit system 42 Million transactions by users have been registered on the platform. The company is targeting to cross the 100 Million transactions mark by the end of this year.
As more and more customers are pivoting towards digital payments and with people seeking convenience, this credit service has been very well-received by Flipkart’s customer base. The service has helped increase Flipkart’s registered customer strength by 50% as compared to last year. According to Flipkart’s assessment, this offering was mainly used for the purchase of beauty, lifestyle products and general merchandise products. In categories like lifestyle, ‘Pay Later’ service outreaches the number of credit card transactions making it a top prepaid instrument used by the customer in this category.
Ranjith Boyanapalli, Head at Fintech and Payments Group at Flipkart happily commented on this growth, “As a homegrown platform, enabling accessibility and affordability for customers is at the heart of all our offerings. The success of Flipkart Pay Later so far has shown the benefits that the construct is able to provide to millions of customers and made us confident of its market-readiness for a much wider adoption -both on and outside the Flipkart Group platforms. By expanding the offering, we want to enable customers across the country to fulfill their shopping needs in a seamless and hassle-free manner.”