Ahead of the festive season, the e-commerce giant Flipkart has extended its services on ‘Pay-Later’ that will drive affordability and convenience to its customers. The ‘Flipkart Pay Later’- EMI will facilitate an amount upto Rs 70,000 which can be paid over fixed tenures of 3, 6, 9 and 12 months for its eligible customers to enable them to make big purchases in this festive season.
Ranjith Boyanapalli, Head-Fintech and Payments Group at Flipkart, commented on this matter “Many high-value purchases are made during the festive season. He also added that “We have strengthened our EMI offerings to ensure that customers can 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.”
‘Flipkart Pay Later’ will become open to all products. Today over 100 million pre-approved consumers already have access to the product. With this expansion, online consumers beyond the 100 million who do not have direct access to credit to fulfil their shopping needs will also be able to apply for the product by providing the required information, an official statement highlighted.
With ‘Flipkart Pay Later’ becoming an open to all construct, Flipkart aims to bridge the gap between access to credit and consumers aspirations, making this festive season better than ever for consumers across the country.
Flipkart will also be offering 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, Axis Bank, Bajaj Finserv, Bank of Baroda, Citibank, Federal Bank, HDFC Bank, Home Credit, HSBC, ICICI Bank, IDFC FIRST Bank, IndusInd Bank, J&K Bank, Kotak Bank, RBL Bank, Standard Chartered, SBI, Zestmoney and others. The tenures for no-cost EMIs and standard EMIs will be up to 12 months and 36 months respectively.
With the pandemic, the ecommerce industry has become a catalyst, particularly in metropolitan cities. According to a report by Bain & Company, one in three people shopped online last year. With these growing trends, Flipkart is expecting a 2x growth on its pay-later service by the end of this year.