E-commerce marketplace Flipkart on Thursday said it has experienced a strong adoption of the ‘Flipkart Pay Later’ credit facility, where the user base has doubled to over six million within seven months.
The company, in a statement, said ‘Flipkart Pay Later’ offers affordability as well as a convenient shopping experience to customers and is witnessing an upward trend in monthly sign-ups.
“Flipkart Pay Later crosses 6 million customers witnessing a strong adoption and growth in seven months,” it said.
Having recently expanded its offerings, ‘Flipkart Pay Later’ provides customers credit up to Rs 1 lakh, depending on the user’s credit profile.
“Customers can shop any number of times throughout the month and pay the total bill amount in part within 30 days or through EMIs,” the statement added.
According to the statement, Flipkart Pay Later facility enables customers to manage cash flows better through a credit facility with no physical paperwork and zero down payment.
The 30-day credit product has seen “significant adoption” in repeat purchase categories such as grocery, lifestyle, general merchandise, and home.
“The longer-tenured EMI options have seen strong adoption in high-value categories such as mobiles, consumer electronics, and large appliances. This payment option currently processes more than 3 million transactions monthly, 90 per cent of which come from repeat customers,” it added.