- Flipkart launches Flipkart Pay Later with flexible repayment options across Flipkart, Myntra, and Flipkart Minutes.
- Customers can choose Pay Later, Pay in 3, or EMIs up to 12 months for eligible purchases.
- PayU Finance is the first lending partner, with more financial institutions expected to join as the program expands.
Flipkart has introduced a new credit solution called “Flipkart Pay Later” in partnership with PayU Finance. It offers eligible customers a more flexible option to pay for the purchase they make. The new service is implemented directly in the checkout process and is now available on Flipkart, Myntra, and Flipkart Minutes.
The new credit option allows customers to choose suitable repayment plans accordingly. Flipkart Pay Later is described as a part of the company’s effort to offer more digital financial services and improve access to responsible credit for shoppers.
Flipkart Pay Later offers three repayment options
Flipkart Pay Later is offering three repayment options to customers, based on the type of purchase they make.
For everyday shopping customers, the Pay Later option allows shoppers to hold off payment for up to 30 days. However, if someone is looking to split the cost of smaller purchases, they can choose the Pay in 3 option. It simply divides the payment into three installments. For premium products, shoppers can choose EMI plans varying from 3 to 12 months.
Notably, the EMI plans are available for select categories only, such as smartphones, electronics, home appliances, and furniture. On the other hand, shorter repayment options are meant for more frequent purchases across Flipkart Minutes, fashion, home essentials, beauty, and general merchandise.
PayU Finance becomes the first lending partner
Flipkart Pay Later is made possible with the collaboration with PayU Finance, the NBFC arm of PayU. In this partnership, PayU Finance serves as the first lending partner and functions as the licensed lender, while Flipkart Finance oversees customer engagement and utilizes its commerce intelligence to assist with credit assessment.
As the service expands, the company said it plans to bring more financial institutions into the program to help widen the range of credit options for customers in future.
Flipkart says affordability drives digital commerce
Speaking about the launch, Vishal Ahuja, Executive Director, Flipkart Finance, said affordability remains to play a major role in how millions of Indians shop online. He notes that access to credit has often remained a challenge while consumer demands have evolved.
According to Ahuja, Flipkart Pay Later uses years of commerce data to build a more informed underwriting model. As a result, it allows the company to extend credit when customers need it the most.
PayU Finance highlights responsible lending
On the other hand, Deepak Mediratta, CEO of PayU Finance, expressed himself over the collaboration, saying that the demand for accessible and responsible credit is rapidly rising along with the growth of digital commerce.
He noted the partnership incorporates technology, data-driven underwriting, and risk management practices to provide a smoother borrowing experience for customers.
As a whole, Flipkart, in partnership with PayU Finance, bringing Flipkart Pay Later is a strategic approach to expand its financial services portfolio. The program is expected to meet customers’ requirements as it adds more flexible credit options when they make any purchase.
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