New Delhi: Walmart belongs to Flipkart works to expand credit offers ‘pay later’ and aims to continue growth of 2x for the next six months.
At present, there are more than 2.8 million customers who have adopted flipkart payments later and have made more than 42 million transactions on the platform until now.
“Because of the increasing dependence on digital payments, baby flipkart has then seen a 70 percent adoption rate among customers at check-out, and (IT) plans to cross 100 million benchmarks of transactions at the end of the year, at the end of the year,” said Flipkart in A statement.
The online platform said the payment offer was then increased by more than 50 percent in the number of registered users in July 2021 compared to the previous year.
Customers have used offers especially for purchases throughout the categories of beauty and general merchandise, home and lifestyle, he added.
In categories such as lifestyle, pay flipkart then has exceeded credit card transactions, making it the top prepaid instruments used by consumers for categories, notes.
Payment offers will be a 30-day credit product that does not have interest costs.
It has an end-to-end digital KYC, a smooth checkout process for goods at a price of up to 10,000, and a single click payment mechanism.
“As a homegrown platform, allowing accessibility and affordability for customers is the heart of all our offers.” The success of Flipkart pays later has so far shown the benefits that the construct can provide to millions of customers and make us confident of market readiness for far wider adoption – both in and outside the Flipkart Group platform, “said Fintkart Head – Fintech and Payment of Ranjith Boyanapalli.
By expanding the offer, Flipkart wants to allow customers throughout the country to meet their shopping needs in a smooth and disturbance free manner, he added.
According to a Cibil-Google latest Transunion report, small ticket loans have risen from 10 percent from 2017 to 60 percent Year 2020.
Customers rely rely on Fintech players at their increasingly accelerated credit requests during a pandemic.