Indian e-commerce giant Flipkart recently launched its subscription-based service called “Flipkart Plus.” A competitor to Amazon Prime, the service from Flipkart is free of charge, and features include free delivery, early access to sale events, and more. Now, it looks like Flipkart is getting into financial services to lend both to consumers and sellers.
Two new services called Flipkart Finance and Flipkart Finance EMI have been spotted by Gadgets360 as new modes of payment. We tried adding a couple of products, but did not spot any such option. It is possible that the features are in testing and showing up only to select users. The report notes that the yet to be announced payment option appears when a user tries to convert COD payment to any other option.
As we can see in the above screenshot, the options are marked as unavailable, so details on how it will work are scarce at the moment. Currently, Flipkart has something called the “Pay Later” option, that allows users to make a purchase (between Rs 5,000 to Rs 10,000) and pay later, similar to how a credit card works. We have reached out to Flipkart to know more about the finance options, and will update the copy as soon as we hear from the company.
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While Flipkart hasn’t officially announced the new finance options, the fact that it is showing up for a few users could be a hint that it is arriving soon. This is in line with a previous report on Business Standard which stated that the e-commerce site is reportedly looking to enter the non-banking financial company (NBFC) space.
With Flipkart Finance and Flipkart Finance EMI options, the e-commerce site could be looking to cater users who are looking forward to buy premium products, but unable to because they don’t have enough money or a credit card. For now, financing options are handled by banking partners, which have tie-ups with Flipkart.