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Flipkart boosts fintech services by 3x ahead of festive season

Flipkart boosts fintech services by 3x ahead of festive season

Flipkart boosts fintech services by 3x ahead of festive season
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By CNBC-TV18 Sept 17, 2019 7:12:27 PM IST (Updated)

To increase access to credit and affordability options, e-commerce firm Flipkart has expanded the distribution reach of its Fintech services such as Flipkart Pay Later and Cardless Credit ahead of the festive season.

E-commerce major Flipkart has expanded the distribution reach of its fintech services such as Flipkart Pay Later and Cardless Credit to increase access to credit and affordability options ahead of the festive season.

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The firm has increased the distribution reach of its fintech services threefold compared to the previous festive season. The move would become an important growth lever for a host of categories such as fashion, grocery, and electronic accessories, among others, the company said in a statement.
Flipkart Pay Later enables a customer to shop throughout the month, up to a predefined credit limit, and pay a consolidated bill at the end of the month.
Buy Now Pay Later offers credit up to Rs 5,000 at no extra cost.  It offers convenience of shopping through one-click instant checkout and refund, up to 40 days of credit at no extra cost and a consolidated bill generated for the entire month.
Cardless Credit extends credit of up to Rs 100,000 to shop and pay in easy EMIs for a maximum period of 12 months.
Recently, Flipkart had announced its own co-branded credit card in partnership with Axis Bank.
“By facilitating credit access to even the remotest areas of the country, we are reiterating our commitment to help millions of Indians fulfill their aspirations without the burden of financial constraints. Through these initiatives and their expansion, we hope to take the promise of The Big Billion Days to more customers to enable meaningful growth, with a special focus on Bharat,” said Ranjith Boyanapalli, Head - Fintech and Payments Group, Flipkart.
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