Flipkart Extends Customer Lending Services to Increase Sales Volume

  • Flipkart, in alliance with Axis Bank, has begun lending to customers with credit up to 500,000 INR, aiming to boost sales while Amazon faces slowdown in India.
  • The loan, with a quick approval time and no document requirement, enhances Flipkart’s financial services portfolio which already has a ‘buy now, pay later’ and a co-branded credit card feature.
  • This move to financial services is significant as it puts Flipkart in direct competition with PhonePe, its former subsidiary, which entered e-commerce earlier this year.
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