Flipkart Debit Card Emi: 5 Things You Need to Know Today!

As online shopping continues to grow in India, one of the predicted pioneers of this industry in the future will definitely be Flipkart, mainly because of the revolutionary products it continues to release keeping the Indian consumer in mind. In late 2017, Flipkart, the e-commerce giant in India came up with a new product dubbed Flipkart debit card EMI and became one of the first companies in this segment to offer it’s customers an EMI option based on their debit card transactions.

Before the introduction of the Flipkart debit card EMI, no other company used to provide loans and EMI’s via debit card, although more than 75 crore Indians own a debit card whereas only 3.5 crore Indians own a credit card. One of the biggest challenges faced by banks to issue loans for debit cardholders was the fact that sometimes the cardholder might not maintain the minimum balance requirement in their account, which can not only lead to defaults in payments but also lead to numerous bad loans in the process.

However, with the new Flipkart debit card EMI, these issues are things of the past and thus in today’s blog post let’s find out everything you always wanted to know about Flipkart debit card EMI. Let’s get started.

Why Was the Flipkart Debit Card EMI Created?

A report published by RBI, Reserve Bank of India in 2017 stated that around 75 Crore Indians own a debit card whereas as only 3.5 crore Indians own a credit card. Not only this, but the significant population in India who don’t own a credit card is scared of the financial instrument and warier of using it for online purchases.

A familiar feeling shared by a significant amount of the population is that owning a credit card will severely hinder their monthly spending and most importantly create an adverse effect on their credit scores if they fail to make a payment under any number of circumstances.

Thus it can easily be understood that India as a nation is wary of credit cards and until a change of mindset can be developed in order to foster the many advantages of a credit card, a smarter and more economical alternative needs to be designed to suit the needs of the average Indian consumer.

With this thought in mind, keeping in context the mindset and needs of an average Indian consumer, Flipkart partnered with the top banks in India to launch their new Flipkart debit card EMI option.

What Is Different About the Flipkart Debit Card EMI?

A one of a kind financial product, the new Flipkart debit card EMI comes with a host of features that makes it an attractive payment option for the Indian consumer. Mentioned below are some of its core features:

• The Flipkart debit card EMI option enables better access to credit for non-credit cardholders.
• Partnerships with large and reputed banks make it a highly secure payment method.
• With Flipkart debit card EMI, products which were expensive and unaffordable previously is now within reach of the average Indian.
• The Flipkart debit card EMI empowers the Indian consumer by giving the option of paying via small and affordable monthly instalments.

Flipkart Debit Card EMI Bank Partnerships

In order to launch the Flipkart debit card EMI in India, Flipkart partnered with the top four financial institutions in the country, which are:

• HDFC
• Axis
• SBI
• ICICI

Partnering with four of the largest banks in India not only gives Flipkart access to a large number of customers but also make sure that the benefit reaches the maximum number of people. However, one of the most important aspects to note here is the fact that the Flipkart debit card EMI option is only available to select Flipkart registered customers and the discretion of the same lies with Flipkart.

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