Flipkart Partners With 18 Banks And Financial Institutions To Offer Flexible Payment Options, Retail News, AND Retail

New Delhi: Flipkart, the e-commerce marketplace, has partnered with 18 banks and financial institutions to bring toll-free IMEs and standard IMEs for credit and debit cards to all customers across a range of products , the company said in a press release.

The terms for Toll-Free IMEs and Standard IMEs will be 12 months and 36 months, respectively.

The company has partnered with 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, among others.

“A lot of great value purchases are made during the holiday season and we have beefed up our EMI offerings to ensure that customers can manage their finances and expenses wisely during this time,” said Ranjith Boyanapalli, Manager (Fintech and Payments Group ), Flipkart.

Apart from that, Flipkart Pay Later has extended the credit limit to Rs 70,000 with flexible repayment plans with a maximum term of 12 months, up from a previous limit of Rs 10,000, the company said.

Flipkart Pay Later will now be an “open to everyone” product and will provide credit to more than 100 million new consumers, he said. To access the facility, users will need to enter their PAN and Aadhar details on the app, verify the Aadhaar number with an OTP, and verify their bank details.

The ‘pay later’ feature is emerging as the fastest growing digital payment method on e-commerce platforms in India. It is estimated to occupy 9% of the total market share by 2024, according to FIS ‘Worldpay Global Payments Report. Flipkart Pay Later adoption rate at checkout is currently 70%.

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Marianne R. Winn