20-Sep-18, Business Today
In line with its plan for a mega showdown in the upcoming festival season, Flipkart has launched an instant credit line of up to INR60k to its customers. Its rival Amazon India announced the credit line of INR60k only a few days before. The instant credit facility is a part of Flipkart's strategy to drive its gross merchandise volume by "15-20 per cent".
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It had previously launched affordability instruments like no-cost EMI, debit card EMIs, buy back options, and exchange offers to its customers. The latest 'Cardless Credit' service gives customers an option to get credit and pay back the full amount later or through EMI.
The credit line is decided using transaction data, shopping history, and data from other places.