Flipkart at number two in Pay Later Service: Customers of this service of e-commerce company doubled in 7 months, crossed 60 lakhs

The customers of e-commerce company Flipkart’s pay later service are continuously increasing. In just 7 months, they have doubled and crossed 60 lakhs. With 6 million users, Flipkart has become the second largest Buy Now Pay Later player after Pay Later Simple.

Flipkart said the ‘Pay Later’ service makes the shopping experience affordable and convenient. More and more people are joining this option every month. The company claims to offer a very convenient checkout experience as there is no paperwork or down payment required for a credit line on the platform.

BNPL’s market will double in 5 years

According to a research, the Buy Now Pay Later (BNPL) market is going to grow 10 times in the coming 5 years, said Dheeraj Aneja, SVP & Head, Fintech and Payments Group, Flipkart. By 2026, the figure will cross $ 40 billion. Interestingly, 45% of customers prefer to shop with BNPL even if they have a credit card.

What is BNPL?

In BNPL option, companies give you a loan to buy goods. That is, even if you do not have money, you can shop. You can make your payment in installments within the given time frame. If you are not able to repay the loan within the time given by the company, then interest starts on it.

Loan up to ₹ 1 lakh is available on Flipkart Pay Later

In the Pay Later option of Flipkart, the customer gets a loan of up to Rs.1 lakh. This loan is available on the basis of credit profile of the customer. On availing the loan, the customer can make multiple purchases in a month and repay the loan within 30 days as per the policy of the company. This loan can be repaid in installments.