Walmart-owned Flipkart on Wednesday said it will offer credit options through 17 banks, NBFCs and fintech players that will drive credit accessibility for customers during the upcoming festive season.
Flipkart is ramping up its fintech constructs so that consumers across the country can avail the benefits of easy accessibility to credit and affordability options, a statement said.
Through these partnerships, Flipkart aims to tap into the new-to-credit audience across different geographies and pin codes and offer them access to its over 250 million product offerings on the Flipkart marketplace, it added.
“As part of its commitment to be the online destination for affordable shopping for every Indian, Flipkart is offering affordable credit options through 17 leading banks, Non-Banking Financial Companies (NBFCs) and fintech players on the platform, which will drive credit accessibility for over 70 million customers on the platform,” it said.
Flipkart said it has partnered with State Bank of India and with SBI Card to provide debit and credit cards holders a 10 per cent instant discount, while No Cost EMI will be available for Bajaj Finserv EMI card holders, it added.
With the launch of Kotak Mahindra Bank and Federal Bank Debit Card EMI payment option, customers can now avail pre-approved credit from seven banking and fintech players.
Flipkart said it is also launching a Gift Card Store catering to customer needs across 60 brands such as Joyalukkas, Kalyan Jewellers, Croma, FabIndia and KFC among others.
“By facilitating credit and insurance access, and simplifying payments for over 250 million customers across the country, we are reinforcing our commitment to helping fulfill their aspirations without the burden of financial constraints.
“Through these partnerships and their expansion, we hope to take the promise of The Big Billion Days to more customers to enable meaningful growth,” Flipkart Head Fintech and Payments Group Ranjith Boyanapalli said.
E-commerce companies see a large chunk of their business coming in during the festive sales and they make significant investments ahead of time to ramp up their capacity to be able to handle the spike in orders.
Electronics, fashion and home furnishing are some of the categories that see huge demand during the festive season.