Bengaluru: India’s largest e-commerce marketplace Flipkart has introduced a new payment option Cardless Credit which will enable its customers to get an instant credit line of upto Rs 60,000.
“This is a continuation of Flipkart’s fintech journey which started with ‘Buy Now Pay Later’ and has helped customers get a convenient and worry free shopping experience,” Flipkart said in a statement.
“Flipkart is introducing cardless credit as a customer focussed initiative that will simplify access to credit in real time while simplifying credit assessment and application process. Customers will be able to get instant credit which they can use to make purchases on Flipkart. This is aimed at millions of credit worthy yet underserved customers who the traditional banks are not able to serve / underwrite credit for,” the e-commerce site said.
How does it the cardless credit work?
- Customers will have to sign up for the credit line on Flipkart
- They will have to go through an application process
- Instant access to credit line is based on scores derived from customer behavior on Flipkart
- During checkout, they get access to the following
- Pay Later next month and EMIs of 3-12 months (No Cost EMI available)
- OTP less checkout for value lesser than Rs 2000
- At the end of the month, they can pay their dues
- Payback on the Flipkart app using Debit card or Netbanking
- This credit line can be used to purchase any product on Flipkart using EMIs or Pay Later (payback by 15th of next month)
“Cardless Credit will have potential customers including the emerging middle class mobile active borrowers who do not have access to credit cards or credit limits. We will leverage the understanding of these customers’ shopping behaviours and offer credit underwriting in a simple and transparent way, to make their shopping experience affordable,” Ravi Garikipati, Sr. VP and head of Fintech Flipkart said.