Flipkart now lets you pay for products within 30 days
What's the story
Flipkart has launched a new credit service called "Flipkart Pay Later," in partnership with PayU Finance. The service is available on Flipkart, Myntra, and Flipkart Minutes. It offers three repayment options at checkout: a Pay Later facility with up to 30 days for repayment, a Pay in 3 option that divides payments into three installments, and EMIs of three to 12 months for high-value purchases like mobiles, electronics, appliances, and furniture.
Versatility
Available across categories
The new credit offering from Flipkart is tailored for both everyday purchases and high-value transactions.
It will be available across various categories such as fashion, home, beauty, and general merchandise.
PayU Finance, the non-banking finance company (NBFC) of PayU, is the first lending partner for this program and will serve as the licensed lender.
Management
Credit decisions based on transaction history
Flipkart Finance will handle customer relationships and leverage commerce data for credit assessment.
The company has plans to onboard more lending partners as the program grows.
Credit decisions will be based on transaction history, purchase behavior, and other platform signals, along with PayU Finance's lending and risk management processes.
Multiple data sources will be used to assess customer eligibility with an aim of extending credit responsibly.