The online platform said that the latter’s payment offering has seen a more than 50 per cent increase in the number of registered users as of July 2021 as compared to the previous year.
Walmart-owned Flipkart is working on expanding its ‘Pay Later’ credit offering and aims to achieve 2x growth in the next six months. Currently, there are over 2.8 million customers who have adopted Flipkart Pay Later and have done over 42 million transactions on the platform till date.
“Due to the increasing reliance on digital payments, Flipkart Pay Later has seen a 70 percent adoption rate among customers at the time of check-out, and (it) plans to cross the 100 million transaction benchmark by the end of the year. ,” Flipkart said in a statement.
The online platform said that the latter’s payment offering has seen a more than 50 per cent increase in the number of registered users as of July 2021 as compared to the previous year.
Customers have used this offer to shop primarily in the beauty and general merchandise, home and lifestyle categories.
What is the ‘Pay Later’ feature in e-commerce apps?
In categories like lifestyle, Flipkart Pay Later has surpassed credit card transactions, making it the top prepaid instrument used by consumers for the category. The Pay Later offer is a 30-day credit product with no interest charges. It has end-to-end digital KYC, a seamless checkout process for items up to Rs 10,000 and a one click payment mechanism.
“As a homegrown platform, enabling accessibility and affordability for customers is at the heart of all our offerings,” the company said.
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The Flipkart Head said, “Flipkart Pay Later’s success so far has shown the benefits that Creation has been able to provide to millions of customers and gives us the opportunity to drive its wider adoption both across the Flipkart Group of platforms and outside the market. -Assured about the preparation.” – Fintech and Payments Group Ranjit Boyanapalli said.
Extending this offering, Flipkart wants to enable customers across the country to fulfill their shopping needs in a seamless and hassle-free manner, he added.
According to a recent report by TransUnion CIBIL-Google, small-ticket lending has increased from 10% in 2017 to 60% in 2020.
Customers are increasingly relying on fintech players for their credit demand which has intensified during the pandemic.
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