Freecharge, one of country's digital payments and financial services platform has partnered with Cashfree Payments, one of the payments and API banking solutions company, to facilitate 'Buy Now, Pay Later' feature for the customers at no additional cost.
The partnership will expand financing options for customers while also extending benefits to merchants, enabling them to scale their operations, the companies said.
Customers can obtain a credit limit of up to Rs 10,000 and opt to pay later with no additional charge during a 30 day repayment period. The partnership has the potential to accelerate customer adoption by leveraging Freecharge's large user base. The BNPL solution's integration will also help Cashfree Payments’ merchants boost sales and turn one-time customers into loyal customers, Freecharge said.
With
Freecharge Pay Later, users can start their credit journey within minutes and eventually build a credit profile. One major advantage of pay later is that it aids the customer in making secure payments without having to save their cards on merchants' websites, provide PIN or net banking details, it said.
“The need for quick and hassle-free payment services has further increased users' demand for BNPL products due to the convenience it offers with a short term credit line. The collaboration between
Freecharge and
Cashfree Payments aims to facilitate a favourable environment for financial inclusion, particularly for users who do not have easy access to organised credit," said, Freecharge CEO, Siddharth Mehta.
Speaking on the partnership, Reeju Datta, Co-Founder, Cashfree Payments said, “At Cashfree Payments, we provide our merchants with a compelling BNPL offering including card and cardless EMI and
Pay Later options. We are glad to add Freecharge to our BNPL stack to help our merchants offer an effective credit option of Pay Later to their customers, and increase sales.
