PhonePe ties with Flipkart to digitise Cash-on-Delivery payments, BFSI News, ET BFSI

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PhonePe, digital payments platform today partnered with Flipkart to launch contactless Scan and Pay for Flipkart’s pay-on-delivery orders.

PhonePe’s dynamic QR code solution will enable customers who earlier opted for cash on delivery to pay digitally through any UPI app at the time of delivery. This will help reduce personal contact while ensuring safety, and drive contactless payments for customers who are traditionally more comfortable with cash on delivery.

Ankit Gaur, Director of Business, PhonePe said, “Digital payments adoption has become widespread over the past few years thanks to UPI. However, there still continues to be a preference for cash on delivery among some customers at the time of delivery. Digitising these cash-based payments would give a major boost to not just e-commerce but also contribute to the larger goal of Digital India. Our partnership with Flipkart to enable contactless and safe payments for its Pay on Delivery customers is a big step in that direction. Our solution not just offers a seamless and contactless payment experience to customers but also helps to reduce cash handling costs for e-commerce and logistics companies.”

Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart said, “As the lines between e-commerce marketplace and digital payments continue to converge, it becomes imperative to solve for customers’ evolving needs and attitudes. While the pandemic has urged several consumers to make a shift to online shopping, some trust deficit during checkout remains in pockets. With ‘pay-on-delivery’ technology, we want to ensure that customers have peace of mind with their payments and at the same time can shop within the safety of their homes.”



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PhonePe and Flipkart partner to digitise cash-on-delivery payments

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Digital payments platform PhonePe has partnered with Flipkart to launch contactless ‘Scan and Pay’ feature for the e-commerce major’s pay-on-delivery orders.

“PhonePe’s dynamic QR code solution will enable customers who earlier opted for cash on delivery to pay digitally through any UPI app at the time of delivery,” it said in a statement on Tuesday, adding that this would help reduce personal contact while ensuring safety, and drive contactless payments for customers who are traditionally more comfortable with cash on delivery.

Ankit Gaur, Director of Business, PhonePe said, “Digital payments adoption has become widespread over the past few years thanks to UPI. However, there still continues to be a preference for cash on delivery among some customers at the time of delivery. Digitising these cash-based payments would give a major boost to not just e-commerce but also contribute to the larger goal of Digital India.”

Also read: Flipkart launches Shopsy to help entrepreneurs

With this facility, customers will just need to scan the PhonePe QR code to make contactless payments from home for deliveries from Flipkart.

“While the pandemic has urged several consumers to make a shift to online shopping, some trust deficit during checkout remains in pockets. With ‘pay-on-delivery’ technology, we want to ensure that customers have peace of mind with their payments and at the same time can shop within the safety of their homes,” said Ranjith Boyanapalli, Head – Fintech and Payments Group, Flipkart.

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Can Sachin Bansal do a Flipkart in the banking space?, BFSI News, ET BFSI

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Sachin Bansal, a co-founder of Flipkart, who has emerged as a major player in digital lending, is ready to shake up the banking space.

Chaitanya India Fin Credit Pvt Ltd (CIFCPL), the microfinance arm of Bansal‘s Navi Technologies has applied for a banking licence. The lender has made an application to the RBI for a universal banking licence under the RBI’s On-Tap Banking Licence Guidelines, 2016.

Navi Technologies is also hiring top talent from tech and B-schools as digitalisation unfolds and was looking to ramp up hiring ten-fold in 2021, according to reports.

Navi Technologies

After moving out of Flipkart, Bansal, along with Ankit Agarwal, founded Navi in 2018 to build technology-driven businesses in the Banking, Financial Services and Insurance (BFSI) space.

Navi offers unsecured loans of up to Rs 5 lakh for a 12-24 month period and underwrites them digitally.

Bansal has committed to deploy most of his capital resources coming from his earlier investments in Ola and Ather Energy into this venture. “I’m putting almost all of mine, that is going to happen in the next few days or weeks, whatever is left after Ola investment. All eggs in one basket,” Bansal had said.

He later invested about Rs 3,000 crore in Navi Technologies, alongside a few other investors.

Banking ambitions

With an eye on a banking licence, Bansal had roped in former ICICI Bank executive Nachiket Mor and Paresh Sukthankar. In earlier media interactions this year, Bansal had hinted at investing $400 million in banking foray. Along with Bansal, who has invested Rs 2,928 crore, others including former HDFC Bank deputy managing director Paresh Sukthankar and bankers from JP Morgan, Standard Chartered and Bank of Sharjah have also invested in the venture. In January 2020, Navi Technologies had announced the acquisition of DHFL General Insurance, now renamed Navi General Insurance and had bought up Essel Mutual Funds from Zee Group.

Bet on BFSI

Even before Covid, the e-commerce pioneer had expressed his strong commitment towards a digital form rather than traditional banking and believed that smartphones will be the centre of consumer experience for them.

“Our mission is to be able to simplify financial services for a billion users and make it accessible and affordable…we believe that currently, financial services are not simple enough, are not affordable and are not accessible,” he said

“Our focus has been on the middle income (group), those are underserved. The top-50 million or so users are well served by the banks and insurance companies and even NBFCs (non-banking financial companies) and other lenders,” he said.

Bansal had said it is the next 100 million or so users who have the means to the attention of the big banks and insurance companies.

Talking about the microfinance sector, Bansal had said as more people digitally connected, microfinance will become more mainstream.

“As of now, we have a digital lending product out in the market…we have health insurance product out in the market and we have a motor insurance product, these two products are very early… And, of course, we have a microfinance company that is very large and we are looking to expand that as well,” he added.

Currently, Navi has around 200 employees, including technology and non-technology personnel.



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