Flipkart has partnered with 18 banks and financial institutions to offer easy financing options to its customers. As a part of the plan, Flipkart will allow customers to shop using No-Cost EMIs or avail standard credit card, and debit card EMIs.
The company has also decided fixed tenures for No-Cost EMIs and standard EMIs that are of 12 months and 36 months respectively. Do action this plan the e-commerce giant has partnered with various financial players such as 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, among others.
Ranjith Boyanapalli, Head (Fintech and Payments Group), Flipkart commented on this new partnership “Many high-value purchases are made during the festive season and we have strengthened our EMI offerings to ensure that customers can manage finances and expenses judiciously during this period”.
These steps are a preparation for the festive season, and this announcement comes in toe of the earlier announcement by Flipkart, in which it announced that it will facilitate credit to over 100 million new customers through its ‘Pay Later’ facilities.
The ‘Pay Later’ service is emerging as the fastest growing digital payment method in the e-commerce sector. According to a report by Global Data, this service will hold a 9% share by 2024.