“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,” according to a statement.
Through the partnership with Razorpay, Capital Float aims to take its BNPL solutions over one lakh partners and serve customers in 100 cities across India.
Using Walnut 369, customers can sign up while shopping, get approved instantly and pay for purchases over three, six or nine months. The one-click credit option brings convenience and affordability to customers, and increases order value for merchants, the statement read.
Razorpay is the latest brand to join Capital Float’s prominent partner portfolio that includes Amazon India, Makemytrip, Spicejet, BoAT, Flo Mattresses, GoMechanic, Unacademy and Skullcandy.
“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,” said Gaurav Hinduja, cofounder and managing director, Capital Float. 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, he added.
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Capital Float said it 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 cash-on-delivery transactions, it added.
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Capital Float’s offerings include loans, insurance and personal finance management via its Walnut app.
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