India-based Buy Now Pay Later (BNPL) solution provider Capital Float has announced its partnership with Razorpay to extend its BNPL solutions — walnut 369 to over 100,000 Razorpay enabled merchants across 100 cities pan-India.
“As per the partnership, the customers get instant access to credit while shopping at leading direct-to-consumer,” the statement said.
The instant credit, zero documentation option is aimed to benefit online shoppers and new-to-credit customers, who are increasingly adopting tech-first solutions.
“Through this partnership with Razorpay, Capital Float aims to expand to over 100,000 partners and serve customers across 100 cities pan-India,” the statement added.
Speaking on the partnership, Gaurav Hinduja, Co-founder & MD, Capital Float, said, “Partnering with Razorpay is a significant opportunity for us to further the BNPL movement in India. The pandemic-induced lockdown created a rapid shift in consumer shopping and payment habits, which has accelerated the need for BNPL. With Walnut 369’s industry-leading user experience and our expertise in personal credit, we are offering a transformative payments experience to Razorpay users. Building on Razorpay’s interface, merchants can leverage Walnut 369 to serve a large unaddressed population of new-to-credit and non-credit carded customers.”
“Be it for bill payments or groceries or any e-commerce purchase, there’s been an increasing demand for the BNPL service, more so in recent months. The demand for such payment options has been increasing – in the last 250 days, the BNPL payment mode displayed a towering growth of 220%, making e-commerce companies rethink their payment strategies. The timing of our association with Capital Float could not have been better. I believe that through this partnership, businesses will be able to offer instant signup for credit to their customers and drive revenue uplift via making their products affordable,” Khilan Haria, Head of Payments Product at Razorpay added.
The company has witnessed its BNPL option increase average order values on partner platforms by up to 30% and repeat transactions by 40%. Conversions via BNPL are higher when compared to other payment methods and also lead to reduced COD transactions.