The Flipkart Pay Later EMI facility has extended its credit limit to Rs 70,000, against Rs 10,000 previously. The credit can be repaid for up to 12 months, durations such as 3 months, 6 months, 9 months and one year. The credit limit has been extended to increase the affordability and convenience of shopping on the platform during the holiday season.
The product will also be open to everyone. So far, 100 million pre-approved consumers have access to Flipkart Pay Later. After the expansion, consumers beyond these 100 million will also be able to request the product after providing the relevant information.
To access this e-commerce giant’s EMI facility, users will need to provide details like PAN and Aadhaar numbers, verify Aadhaar number with OTP, and verify their bank details. When making purchases, all a buyer needs to do is select “Flipkart Pay Later EMI” as their payment option and choose their preferred money order.
“Customer choices are fueled by aspirations. Our effort is to make products accessible and affordable so that customers can meet these aspirations. A lot of great value purchases are made during the holiday season and we have strengthened our EMI offerings to ensure that customers can manage their finances and spending wisely during this time, ”said Ranjith Boyanapalli, Group Manager Fintech and Payments at Flipkart.
Not only that, Flipkart will also offer free EMI on a range of products, in addition to the standard EMI offerings. The company has established relationships 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. The free EMI mandates will be 12 months and for the standard EMI, 36 months.
The company said the Pay Later facility is one of the fastest growing digital payment methods. By 2024, it is expected to occupy 9% of the total market share, according to FIS ‘Worldpay Global Payments Report.
Flipkart has 350 million registered customers and offers over 150 million products in over 80 categories. Flipkart with Myntra, Flipkart Wholesale and Cleartrip are part of the Flipkart group which is also the majority shareholder of PhonePe.
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