Instant access to credit line is based on scores derived from customer behavior on Flipkart.
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?
“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.