Capital Float partners Razorpay on buy now pay later service-Business Journal

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MUMBAI: Capital Float on Thursday said it has partnered with Razorpay, to extend its buy now pay later (BNPL) solution—Walnut 369—to all Razorpay-enabled online merchants.

Customers can sign up while shopping, get approved instantly and pay for purchases over three, six or nine months, it said, adding that the 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 leading 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,” it said.

Through this partnership with Razorpay, Capital Float aims to expand to over 100,000 partners and serve customers across 100 cities in India.

The company said it has witnessed its BNPL option increase average order values on partner platforms by up to 30% and repeat transactions by 40%. Conversions through BNPL are higher when compared to other payment methods and also lead to reduced cash on delivery (CoD) transactions, it said. Razorpay is the latest leading brand to join Capital Float’s partner portfolio which includes Amazon, Makemytrip, Spicejet, BoAT, Flo Mattresses, GoMechanic, Unacademy and Skullcandy.

Gaurav Hinduja, co-founder and managing director, Capital Float, said that partnering with Razorpay is a significant opportunity for the company 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 transformative payments experience to Razorpay users,” said Hinduja.

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