Flipkart extends the credit limit of its EMI “Pay Later” offer
Ahead of India’s lucrative festive season and its own much-vaunted Big Billion Days sale, the Walmart-owned Flipkart has extended the benefits of its EMI “Flipkart Pay Later” offer.
Flipkart has extended the credit limit of its “Pay Later EMI” facility to Rs 70,000 from Rs 10,000 previously. The credit can be repaid for up to 12 months. The credit limit has been extended to increase the affordability and convenience of shopping on the platform during the holiday season.
The “Flipkart Pay Later” program will apply to all products, and more than 100 million pre-approved consumers already have access to it.
How to Access the EMI ‘Flipkart Pay Later’ Feature
To access the EMI ‘Flipkart Pay Later’ feature, users need to enter their PAN and Aadhar details on the app, verify the Aadhaar number with an OTP and verify their bank account details.
When purchasing, users can select “Flipkart Pay Later EMI” as the payment option and choose their preferred term.
Ranjith Boyanapalli, Head of Fintech and Payments Group at Flipkart, said, “Many high-value purchases are made during the holiday season and we have bolstered our EMI offerings to ensure customers can manage their finances and spending wisely during the holiday season. this period. Going forward, we will continue to explore partnerships that can help customers improve their lifestyles at a lower cost. »
Flipkart said those who do not have direct access to credit will also be able to request the product by providing the required information.
Flipkart will also offer free EMI offers on 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.
Terms for No-Charge IMEs and Standard IMEs will be 12 months and 36 months, respectively.
The company said the Pay Later facility is becoming the fastest growing digital payment method on e-commerce platforms in India. “It is estimated to occupy 9% of the total market share by 2024, according to FIS’ Worldpay Global Payments Report. Flipkart Pay Later’s adoption rate at checkout currently stands at 70% “, said the company. .