Flipkart Pay Later Sees Double-digit Growth in

 Flipkart Pay Later Sees Double-digit Growth in Customer Base; Crosses 42 Million Transactions on Flipkart

• Flipkart Pay Later aims to scale customer growth by 2x in the next six months
• Beauty & General Merchandise, Home and Lifestyle were leading categories for the adoption of Flipkart Pay Later

Flipkart, India’s homegrown e-commerce marketplace, plans to expand its Flipkart Pay Later credit offering, targeting a 2X growth over the next six months. Currently, there are over 2.8 million customers who have adopted Flipkart Pay Later and have made more than 42 million transactions on the platform to date. Owing to the growing reliance on digital payments, Flipkart Pay Later has seen a 70% adoption rate among customers at the time of check-out and plans to cross the 100 million transaction benchmark by the end of the year. 

As digital adoption continues to increase across the country and customers seek value-driven credit options, Flipkart Pay Later has seen an increase of over 50% in the number of registered users as of July 21 in comparison to the previous year. Customers have used the offering mainly for purchases across categories of beauty and general merchandise, home and lifestyle. In fact, in categories such as lifestyle, Flipkart Pay Later has exceeded the credit card transactions, making it the top prepaid instrument used by consumers for the category.

Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart, said, “As a homegrown platform, enabling accessibility and affordability for customers is at the heart of all our offerings. The success of Flipkart Pay Later so far has shown the benefits that the construct is able to provide to millions of customers and made us confident of its market-readiness for a much wider adoption - both on and outside Flipkart Group’s platforms. By expanding the offering, we want to enable customers across the country to fulfil their shopping needs in a seamless and hassle-free manner.” 

According to a recent TransUnion Cibil-Google report, small-ticket lending has gone up from 10% in 2017 to 60% in 2020. Customers are increasingly relying on fintech players for their credit demand which has further been accelerated during the pandemic. With this in mind, Flipkart plans to expand the reach of its ‘Pay Later’ construct to make credit available not just on Flipkart’s platform but on other partner channels as well.

Flipkart Pay Later offers its customers convenient and affordable credit solutions for their shopping needs. It is a 30-day credit product that does not have an interest fee and offers bank-grade security without an OTP for most transactions. It has end-to-end digital KYC, a seamless checkout process for items priced up to INR 10,000, and a single-click payment mechanism that eases the customer’s purchasing journey.

ICICI Bank introduces Cardless EMI a new digital mode of

 ICICI Bank introduces ‘Cardless EMI’, a new digital mode of payment

 

·         First bank in the country to offer this facility

·         Customers can now buy high value items just by using mobile phone and PAN in lieu of wallet or cards

·         Lakhs of pre-approved customers can instantly convert high-value transactions into no-cost EMIs

 ICICI Bank today announced the launch of a fully digital mode of payment at leading retail stores. Called ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards. They can convert the high-value transactions into easy, no-cost monthly instalments by simply putting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at the retail outlets.

 

ICICI Bank is the first in the industry to introduce a fully digital, cardless EMI facility at retail stores. The Bank has tied up with Pine Labs, a leading merchant commerce platform, to offer this facility across pan-India outlets of leading retailers namely Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these stores, customers can avail the ‘Cardless EMI’ facility to purchase electronics from leading brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI. The Bank will add many more brands as well as retailers under this facility in near future.

 

Speaking on the initiative, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free. Purchasing home appliances, mobile phones and gadgets on EMI is a known consumer behaviour in India. We have seen large number of consumer durables are purchased by using EMI facilities on credit and debit cards.

 

In order to provide further convenience, we are introducing the ‘Cardless EMI’ facility so that the customers can transact just by using mobile phone and PAN, without even carrying their cards or wallet. We believe this facility will empower lakhs of pre-approved ICICI Bank customers in the on-going festive season to purchase products of their choice in a completely contactless, digital and secure manner.”

 

Mr. Amrish Rau, CEO, Pine Labs added, “The beauty of ‘Cardless EMI’ is that it is a very complex programme to develop, yet it is extremely secure. We hope this will open new consumer segments and give access to shop-now-pay-later at more 1 lakh Pine Labs merchants across India. We are very excited to partner with ICICI Bank on this cutting edge technology programme.”

 

Benefits for lakhs of ICICI Bank’s pre-approved customers:

·         No-cost EMI without using a card: Customers get no cost EMI on leading brands at leading retailers without using cards

·         No processing fee: The Bank doesn’t charge any processing fee for this facility

·         Digital process: The process is completely digital, contactless and secure

·         Wide transaction limit: Customers can get pre-approved limit for purchases from Rs. 10,000 to Rs.10 lakh

·         Flexible tenures: Customers can select tenures of their choice from three to 15 months

·         Exclusive convenience: No other bank in India offers this convenience

 

Here are simple steps to avail the ‘ICICI Bank Cardless EMI’ facility:

·         Select product at store > Mention willingness to avail ‘Cardless EMI’ to store representative

·         Enter the registered mobile number on the PoS terminal > Enter PAN> Receive OTP > Enter OTP on PoS terminal

·         Transaction gets approved at this stage instantly.

 

ICICI Bank customers can check their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or check the offers section on iMobile app

 

To know more about the ‘ICICI Bank Cardless EMI’ facility, visit:

https://www.icicibank.com/Personal-Banking/loans/cardless-emi/index.page

 

SBI extends OTP-based

SBI extends OTP-based ATM withdrawal 24x7

• Extends OTP based ATM withdrawals to 24x7 for ₹ 10,000 and above at all SBI ATMs w.e.f September 18, 2020
• Bank urges customers to register or update their mobile numbers
•  This initiative aims at safeguarding customers from frauds and minimizing unauthorized transactions

With an aim to reinforce its ATM security system and safeguarding customers, country’s largest lender, State Bank of India (SBI) had introduced OTP based cash withdrawals of above ₹ 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020. Now, Bank is extending OTP-based cash withdrawal for ₹ 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. For withdrawing ₹ 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.

With the introduction of 24x7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).

C S Setty, MD (Retail & Digital Banking), SBI – “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24x7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”

Media Statement by National Payments Corporation of India

“We have come across some quotes on social media which suggest that transferring money through Google Pay is not protected by the law, since the app is unauthorised. RBI has authorised NPCI as a Payment System Operator (PSO) of UPI and NPCI in its capacity as PSO authorises all UPI participants. 

We would like to clarify that Google Pay is classified as Third Party App Provider (TPAP) that also provides UPI payment services like many others, working through banking partners and operating under the UPI framework of  NPCI. All authorised TPAPs are listed on the NPCI Website. 

All transactions made using any of the authorized TPAPs are fully protected by the redressal processes laid out by applicable guidelines of NPCI/RBI and customers already have full access to the same. 

Further, we would also like to clarify that all authorised TPAP’s are already bound by full compliance to all the regulations and applicable laws in India. 

UPI ecosystem is fully safe and secure, and we appeal to the citizens not to fall prey to such malicious news.  We also request UPI customers not to share their OTP (one time password) and UPI Pin with anybody”.

Weblink: https://www.npci.org.in/upi-live-members

                                              

Sr. No.	Bank Name	Type	Application Name	Handles
1	Airtel Payments Bank	PSP & Issuer	My Airtel -Online recharge, Pay Bill , Wallet, UPI	airtel,airtelpaymentsbank,apb
2	Allahabad Bank	PSP & Issuer	BHIM Allbank UPI	allbank,albk,allahabadbank
3	Andhra Bank	PSP & Issuer	Bhim Andhra Bank One- UPI App	andb
4	Axis Bank	PSP & Issuer	BHIM Axis Pay UPI App and Freecharge	axisgo,axis,pingpay,lime,axisbank,okaxis, abfspay
5	Bank of Baroda	PSP & Issuer	BHIM Baroda PAY	barodampay
6	Bank Of India	PSP & Issuer	BHIM BOI  UPI	boi
7	Bank of Maharashtra	PSP & Issuer	BHIM Maha UPI	mahb
8	Canara Bank	PSP & Issuer	BHIM Canara- eMPower	cnrb
9	Catholic Syrian Bank	PSP & Issuer	CSB UPI	csbpay,csbcash
10	Central Bank of India	PSP & Issuer	BHIM Cent UPI	centralbank,cbin,cboi
11	City Union Bank	PSP & Issuer	City Union Bank UPI	cub
12	DBS Digibank	PSP & Issuer	Digibank	dbs
13	DCB Bank	PSP & Issuer	BHIM DCB Bank UPI	@dcb, @dcbbank
14	Dena Bank	PSP & Issuer	BHIM Dena UPI	denabank
15	Equitas Small Finance Bank	PSP & Issuer	Equitas UPI	equitas, purz
16	Federal Bank	PSP & Issuer	BHIM LOTZA UPI Payments APP	federal,fbl
17	Fino Payment Bank	PSP & Issuer	Fino Bpay	finobank
18	HDFC Bank	PSP & Issuer	HDFC Bank Mobilebanking and PayZapp	hdfcbank,payzapp,okhdfcbank,rajgovhdfcbank
19	HSBC	PSP & Issuer	HSBC Simple Pay	hsbc
20	ICICI Bank	PSP & Issuer	iMobile By ICICI Bank and Pockets	imobile, pockets,ezeepay,eazypay,icici,okicici
21	IDBI Bank	PSP & Issuer	BHIM PAyWIZ by IDBI Bank	idbi, idbibank
22	IDFC First Bank	PSP & Issuer	IDFC Bank BHIM UPI App	idfc,idfcbank,idfcnetc,cmsidfc
23	Indian Bank	PSP & Issuer	BHIM Indian Bank UPI	indianbank,indbank,indianbk
24	Indian Overseas Bank	PSP & Issuer	BHIM IOB UPI	iob
25	IndusInd Bank	PSP & Issuer	BHIM Indus Pay	indus
26	Jammu and Kashmir Bank	PSP & Issuer	BHIM JK Bank UPI	jkb
27	Janta Sahakari Bank Pune	PSP & Issuer	JetPay	jsbp
28	Karnataka Bank	PSP & Issuer	BHIM KBL UPI	kbl,karb,kbl052
29	Karur Vysya Bank	PSP & Issuer	BHIM KVB Pay	kvb,karurvysyabank,kvbank
30	Kotak Mahindra Bank	PSP & Issuer	BHIM KOTAK Pay	kotak,kaypay,kmb,kmbl
31	Oriental Bank of Commerce	PSP & Issuer	BHIM Oriental Pay	obc
32	Paytm Payments Bank	PSP & Issuer	Paytm App	paytm
33	Punjab & Sind Bank	PSP & Issuer	BHIM PSB	psb
34	Punjab National Bank	PSP & Issuer	BHIM PNB	pnb
35	South Indian Bank	PSP & Issuer	BHIM SIB UPI	sib
36	Standard Chartered Bank	PSP & Issuer	SC UPI	srcb,sc,scmobile,scb,scbl
37	State Bank of India	PSP & Issuer	BHIM SBI Pay	sbi
38	Syndicate Bank	PSP & Issuer	BHIM SyndUPI	syndicate,syndbank,synd
39	The Lakshmi Vilas Bank Limited	PSP & Issuer	BHIM LVB UPAAY	lvb,lvbank
40	RBL Bank Ltd.	PSP & Issuer	BHIM RBL Pay and RBL Mobank 2.0	rbl
41	The Thane Janta Sahakari Bank Ltd(TJSB)	PSP & Issuer	Tranzapp –UPI	tjsb
42	UCO Bank	PSP & Issuer	BHIM UCO UPI	uco
43	Union Bank of India	PSP & Issuer	BHIM Union Bank UPI App	unionbankofindia,unionbank,uboi
44	United Bank of India	PSP & Issuer	BHIM United UPI Pay	ubi,united,utbi
45	Vijaya Bank	PSP & Issuer	BHIM Vijaya UPI App	vjb,vijb,vijayabank
46	Yes Bank	PSP & Issuer	BHIM YES Pay	yesbank,yesbankltd
47	Bandhan Bank	PSP & Issuer	BHIM Bandhan UPI	bandhan
48	Dhanlaxmi Bank Ltd

...