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India's Flipkart plans financial services foray
07 Jul '18
1 min read
Indian e-commerce firm Flipkart plans to enter the financial services market, offering credit and insurance products to consumers and sellers on its platform. It has reportedly initiated the process of applying for a non-banking financial company (NBFC) licence, which will allow it to open lines of credit to its 100 million-odd customers and over 100,000 sellers.
The company will later offer these services beyond its platform, according to a report in a top Indian business daily.
It is also collaborating with insurance companies to jointly create micro-insurance products to align with a customer’s e-commerce journey, according to the company.
As over 60 per cent of Flipkart consumers now lack access to formal credit, this prevents large purchases by them on the platform, which, the company feels, hinders its growth. (DS)
Fibre2Fashion News Desk – India
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