Flipkart Pay Later Scheme: Flipkart Pay Later, the e-commerce giant’s credit service, has surpassed 42 million transactions. Flipkart Pay Later now has over 2.8 million users, and the firm is aiming for a 2X increase in the next six months. In addition, ‘Pay Later’ will be made available on other partner channels as part of the expansion.
Flipkart intends to reach a milestone of 100 million transactions.
At the time of order check-out, Flipkart Pay Later claims to have a 70% adoption rate among consumers. By the end of the year, the firm hopes to have surpassed the 100 million transaction mark. In compared to previous year, the number of registered users on Flipkart Pay Later has increased by more than 50% as of July 21, 2021.
Customers are claimed to have mostly utilised Flipkart Pay Later for purchases in the beauty and general goods, home and lifestyle sectors.
“The success of Flipkart Pay Later so far has shown the benefits that the construct is able to provide to millions of customers and has made us confident of its market-readiness for a much wider adoption – both on and outside Flipkart Group’s platforms,” said Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart.
Flipkart Pay later scheme can help to get credit for 30 day for no interest
Customers may use Flipkart Pay Later to get credit for their purchases. It’s a 30-day credit product with no interest and most transactions that may be completed without an OTP. Small-ticket lending has increased from 10% in 2017 to 60% in 2020, according to a new TransUnion Cibil-Google study. Customers are increasingly turning to fintech businesses to meet their credit needs, which have increased as a result of the epidemic.
Flipkart, which was founded in 2007, claims to have over 350 million registered customers and sells 150 million items over 80+ categories. Flipkart, Myntra, Flipkart Wholesale, and Cleartrip are all part of the Flipkart Group.
The company also owns a controlling stake in PhonePe, one of India’s most popular digital payment platforms. LazyPay and Simpl are two more competitors to Flipkart Pay Later.