Flipkart Pay Later EMI facility has extended its credit limit to Rs 70,000 from the earlier Rs 10,000. The credit can be paid back till up to 12 months, tenures such as 3 months, 6 months, 9 months and a year. The credit limit has been extended to increase affordability and convenience of purchases on the platform during the festive season.
The product will also be opened to all. So far, 100 million pre-approved consumers have access to Flipkart Pay Later. After the expansion, consumers beyond this 100 million will also be able to apply for the product after furnishing relevant information.
To access this EMI facility of the e-commerce giant, users will have to provide details such as PAN and Aadhaar numbers, verify the Aadhaar number with OTP, and verify their bank account details. While making purchases, all a buyer needs to do is select ‘Flipkart Pay Later EMI’ as their payment option and choose their preferred tenure.
“Customer choices are fuelled by aspirations. Our endeavour is to make products accessible and affordable so that customers can fulfill these aspirations. 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,” said Ranjith Boyanapalli, Head of Fintech and Payments Group at Flipkart.
Not only this, Flipkart will also offer no-cost EMIs across a range of products, apart from the standard EMI offerings. The company has tied up with lenders 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 for the same. No-cost EMI tenures will be for 12 months and for standard EMI, 36 months.
The company stated that the Pay Later facility is one of the fastest growing digital payment methods. By 2024, it is expected to occupy 9 per cent of the total market share, as per the Global Payments Report by Worldpay from FIS.
Flipkart has a registered customer base of 350 million, and offers more than 150 million products across over 80 categories. Flipkart along with Myntra, Flipkart Wholesale, and Cleartrip are part of the Flipkart Group that is also a majority shareholder in PhonePe.
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