Flipkart expands fintech offerings ahead of festive season

Flipkart expands fintech offerings ahead of festive season
Photo Credit: Photo Credit: Reuters
17 Sep, 2019

Bengaluru-based ecommerce major Flipkart has ramped up the distribution reach of its fintech offerings ahead of the festive season.

Flipkart claims it is trying to reach the new-to-credit audience across tier-2 cities with its latest payment programmes, an official statement said.

The Walmart-owned company said services like Flipkart Pay Later and Cardless Credit have increased their reach in new markets by three times from the last festive season.

Flipkart Pay Later programme allows a customer to shop through the month up to a predefined credit limit and pay a consolidated bill at the end of the month. It's Buy Now Pay Later offers credit up to Rs 5000 at no extra cost, the company added. 

Cardless Credit programme extends credit of up to Rs 1 lakh and customers can pay in instalments (EMIs) for a maximum period of 12 months. 

“By facilitating credit access to even the remotest areas of the country, we are reiterating our commitment to helping millions of Indians fulfil 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 of fintech and payments group, Flipkart.

Last week, Flipkart had almost doubled its flagship private brand SmartBuy to 120 categories ahead of the festive season. 

The festive season, from September to November, usually sees an increase in sales on online shopping platforms. This year, both Amazon and Flipkart have launched their annual flagship sale events at the same time. The ecommerce giants have also expanded their distribution networks and added services in local languages to boost sales in tier-II and III cities.