Flipkart Pay Later crosses 42 million transactions
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E-commerce major Flipkart has touched 42 million transactions on its credit offering Flipkart Pay Later. With over 2.8 million customers transacting through Flipkart Pay Later, the company is targeting a 2X growth over the next six months. The expansion will include making ‘Pay Later’ available on other partner channels as well.
Plan to cross 100 million transactions
Flipkart Pay Later claims to have observed a 70% adoption rate among customers at the time of order check-out. The company now aims to cross the 100 million transaction benchmark by the end of the year. Flipkart Pay Later has also seen an increase of over 50% in the number of registered users as of July 21, 2021 in comparison to last year.
Customers are said to have used the Flipkart Pay Later mainly for purchases across categories of beauty and general merchandise, home and lifestyle. Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart, said, “The success of Flipkart Pay Later so far has shown the benefits that the construct is able to provide to millions of customers and has made us confident of its market-readiness for a much wider adoption – both on and outside Flipkart Group’s platforms.”
Flipkart Pay Later offers customers affordable credit solutions for shopping. It is a 30-day credit product that does not have an interest fee and can be operated without an OTP for most transactions. 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 companies for their credit demand which has been accelerated during the pandemic.
Started in 2007, Flipkart claims to have a registered customer base of over 350 million and offers 150 million products across 80+ categories. Flipkart Group includes group companies Flipkart, Myntra, Flipkart Wholesale, and Cleartrip. The group is also a majority shareholder in PhonePe, one of the major digital payments companies in India. Other players competing with Flipkart Pay Later include LazyPay, and Simpl.
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