Tag: Ranjith Boyanapalli

Flipkart sees double-digit growth on pay later transactions; crosses 42 million mark, BFSI News, ET BFSI

Personal Finance

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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.

“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.” said Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart.

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.



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

Banking & Finance

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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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