Flipkart has extended extra incentives on EMI options with its Flipkart-Pay-Later offering ahead of the Christmas season, bringing seasonal happiness to its customers.
Flipkart is an e-commerce platform founded in India.
This EMI service provides qualified consumers with a credit line of up to Rs 70,000 that may be paid back over flexible terms of 3, 6, 9, and 12 months, allowing them to purchase items throughout the Christmas season.
Many high-value purchases are done over the Festive season, according to Flipkart Fintech and Payments Group Head Ranjith Boyanapalli, and the business has expanded its EMI services to assist consumers manage their money and spending wisely during this period.
“In the times to come, we will continue to explore partnerships that can help customers upgrade their lifestyle affordably,” he said.
The portal will allow more than 100 million people to apply for the product by supplying the necessary information.
Flipkart also wants to close the gap between customer desires and finance availability.
In cooperation with 18 prominent banks and financial firms, including American Express, SBI, and others, it will also provide no-cost EMI options across a wide variety of products, as well as conventional EMIs.
No-cost EMIs and regular EMIs will have terms of up to 12 and 36 months, respectively.
To make purchases, users must input their PAN and Aadhar numbers into the app.
Users may choose Flipkart Pay Later EMI as their payment method and set their chosen repayment period.
Flipkart expects to surpass the 100 million transaction milestone by the end of the year, thanks to rising demand for digital solutions and value-based financing.
Customers may use this service to break down significant costs into smaller, interest-free EMIs. It streamlines the purchasing of everyday necessities while also bringing high-end items within reach.
Pay Later is the fastest growing digital payment option on e-commerce platforms in India, which is a witness to this.
According to the Worldpay Global Payments Report from FIS, it is expected to have 9% of the overall market share by 2024. Flipkart Pay Later is now used by 70% of customers at the time of checkout.