45% of customers prefer to make purchases with Buy Now Pay Later options even if they have a credit card
45% of customers prefer to make purchases with Buy Now Pay Later options even if they have a credit card
Flipkart, a homegrown e-commerce marketplace, said it has witnessed a strong customer adoption of its ‘Pay Later’ facility with a user base doubling to over six million in the last seven months.
Dheeraj Aneja, SVP & Head – Fintech and Payments Group, Flipkart, said, “As per research, the Buy Now Pay Later (BNPL) market will grow 10x over the next five years, surpassing $40 billion by 2026. Interestingly, 45% of customers prefer to make purchases with BNPL options even if they have a credit card owing to the convenience that BNPL provides.’‘
‘Flipkart Pay Later’ offered affordability as well as a seamless and convenient shopping experience to customers and was witnessing an upward trend in monthly sign-ups, claimed the e-tailer.
The payment option currently processes more than 3 million transactions monthly for Flipkart and 90% of which come from its repeat customers.
Flipkart Pay Later facility provides credit up to ₹1 lakh, depending on the customer’s credit profile. Customers can shop any number of times throughout the month and pay the total bill amount in part within 30 days or through EMIs, as per the company.
