Flipkart Finance option is now available on India’s largest e-commerce website and also on their Mobile app of Android and IOS devices. Also this Flipkart Finance payment option is only visible to selected users and also not working now. But it is supposed to functional soon. Also this big change in the payment option comes in this huge e-commerce website after the US offline market giant Walmart buy its 77% of the shares in past month of 2018.
Flipkart Finance EMI payment option will also work along with the Flipkart Finance like user have both the flexible options to pay the Financed or loan amount in one-time instalment or in the form of EMI’s as paid normally in EMI or in credit card monthly EMI instalments.
As per an article written in Business Insider, that Flipkart will first get the approval of NBFC Licence for allowing their users to use these newly added payment features named as Flipkart Finance and Flipkart Finance EMI Payment option.
NBFC stands for Non-Banking Financial Corporation with works under the act which works under the Companies act 1956 of India. This NBFC Licence is for Business of Loans and advances, Bonds and Stocks etc.
And as Flipkart Finance EMI payment option is a Business of Loans and advances type work function then it’s necessary to get a NBFC Licence. After fulfilling this Companies act 1956 term, Flipkart can process their advanced Flipkart Finance payment option in their e-commerce website & app.
Flipkart Finance EMI Payment
Flipkart Finance EMI Payment option is also added in this e-commerce website along with Flipkart Finance payment mode. And as per reports, both the payment modes will be functional soon after NFBC Licence from Companies act 1956 India.
In this Flipkart Finance EMI Payment option, buyers will get full product amount from Flipkart Finance and they have to pay the amount in the form of EMI’s to Flipkart. But here no credit card type things are needed. And also other terms are not yet clarified from Flipkart whether they get any more details about buyer or not.
Walmart Flipkart Acquisition
Walmart which is US based company and world’s largest retailer now owns majority of shares in Flipkart with a 77% stake of total. And the rest of the stake is with the Microsoft, Tiger Global, Tencent, Accel and Binny Bansal who is the co-founder of Flipkart.
These new payment methods of Flipkart Finance and Flipkart Finance EMI Payment Option comes after this new shareholder in Flipkart named Walmart and Indian buyers can expect more from Flipkart now. Also as per an article it is cleared that Flipkart is expanding in other countries too. At this time, Flipkart is only limited to Indian market.