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.

This festive season Flipkart and Paytm partner to

This festive season, Flipkart and Paytm partner to provide
a cracking offer to customers

• Enables customers to pay through their Paytm Wallet and Paytm UPI on Flipkart
• Shoppers can avail assured cashback on Paytm Wallet & UPI transactions

Flipkart, India’s homegrown e-commerce marketplace has today announced its partnership with Paytm, India’s leading digital financial services platform, to provide customers a slew of offers and benefits as they prepare their wish lists for this festive season. This partnership will enable millions of Paytm users to conveniently pay through their Paytm Wallet and Paytm UPI while shopping on Flipkart during The Big Billion Days.

From an experience point of view, paying with wallet balance will be the fastest way for Paytm users to checkout during The Big Billion Days Sale, making sure they don’t miss out on flash sales & limited stocks. In addition, Flipkart customers will enjoy instant cashback to their Paytm wallets.

Digitization of payments in India has witnessed a rapid uptick with new internet users embracing digital methods for their everyday payments. The Digital India mission requires the collective responsibility of homegrown players to build interconnected business ecosystems. Flipkart has a strong understanding of Indian customers and has been actively working towards building credit and payment offerings on its platform, in order to drive customers to digital modes at their own convenience. Customers, while transacting on e-commerce, are offered various payment modes at checkout.

Paytm is India's champion of technology enterprises that are committed to providing innovative solutions to the masses. The addition of Paytm’s Wallet and Paytm UPI offers a seamless one-click checkout experience to Flipkart shoppers during their purchase on the e-commerce app. This partnership is well-aligned with Flipkart's preparation ahead of the upcoming festival where it sees a huge surge in the orders across the country.

Commenting on the partnership, Ranjith Boyanapalli, Head - Fintech and Payments Group, Flipkart, said, “Our partnership with Paytm showcases our commitment to make digital payment solutions customer-centric and inclusive, democratizing digital payments for all. This festive season millions of Paytm users across the country will have access to their wallets & UPI on Flipkart. With just one click customers can avail great value during flash sales this Big Billion Days as they continue to stay indoors and adopt safe payment methods. Digital payments, including UPI, continue gaining prominence in India and at Flipkart, we have always believed that digital adoption will help India get economically stronger.”

Madhur Deora, President - Paytm said, "It is great to see two technology companies collaborating to offer seamless shopping and payment experience. Flipkart has championed eCommerce in India, and together we aim to replace cash on delivery with digital payments via Paytm Wallet and Paytm Bank account. Our aim is to empower millions of Indians with innovative solutions that would play a key role in building Atmanirbhar Bharat. Paytm is a pioneer of the digital payment ecosystem and our efforts have started reflecting in the strong adoption among small cities and towns."

According to new data by the RBI, the total number of digital transactions in India, that are processed via any electronic mode, be it UPI, IMPS, debit and credit cards, etc., is expected to reach a daily average of 1.5 billion in the next 5 years. Consequently, the net value of digital payments in India will also increase from its current value of Rs. 5 trillion to Rs. 15 trillion by 2025. Partnerships such as this will further boost the uptake of digital transactions as India continues to stay indoors and maintain social distancing.