Capital Float and Razorpay partner to offer Buy Now Pay Later services
By Leandra Monteiro
Capital Float, one of India’s leading Buy Now Pay Later platform has partnered with FinTech company, Razorpay, to extend its BNPL (Buy Now Pay Later) solution – Walnut 369 to all Razorpay-enabled online merchants. Customers can sign-up while shopping, get approved instantly and pay for purchases over 3, 6 or 9 months. The one-click credit option brings convenience and affordability to customers and increases order value for merchants.
The partnership provides customers seamless and instant access to credit while shopping at direct-to-consumer brands. 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 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 lead to reduced COD transactions. Razorpay is the latest brand to join Capital Float’s prominent partner portfolio which includes industry leaders such as Amazon, Makemytrip, Spicejet, BoAT, Flo Mattresses, GoMechanic, Unacademy and Skullcandy.
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.”
Khilan Haria, Head of Payments Product at Razorpay added, “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.”
Capital Float continues to build a robust BNPL model pan-India. Walnut 369 is an important part of Capital Float’s bouquet of offerings, which includes loans, insurance and personal finance management via its Walnut app.
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September 22, 2023
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