New Delhi, Sep 28 (IANS): airpay, India's first integrated omnichannel financial services platform has launched a Zero-Interest Brand EMI (Equated Monthly Instalments) solution to empower its merchants to make credit available to their customers.
To achieve this objective, the company assists merchants in offering flexible payment options and Zero-Interest Brand EMI solutions to the buyers, thereby expanding revenue options.
With this, airpay becomes an early entrant in providing the Zero-Interest Brand EMI solution for traditional brands with higher ticket sizes to enhance cross-sell and up-sell while increasing consumer loyalty through affordable payment options, easing the consumer’s budget concerns.
"This move will offer our network of merchants the best of both worlds -- improve the end-consumer experience by offering affordability through flexible payment options and the opportunity to enhance revenue growth," said Kunal Jhunjhunwala, Founder & MD of airpay.
As per reports, India is expected to become the largest digital EMI market in the world.
The digital EMI user base is expected to reach 100 million by 2026 in the country. Reports suggested that the industry will see a quantum leap to $45-$50 billion in gross merchandise value by 2026.
Digital merchant payments are expected to shoot up by over eight times and cross $1 trillion by 2026 from the current $285 billion.
"This offer will help the merchants reach a larger consumer base and contribute to their digital journey. Through our Brand EMI offering, we aim to give a boost to high-value purchases and enable the merchants to increase their sales through these value-added services," said Sulabh Tandon, Chief Business Officer, airpay.
"airpay has envisioned to activate 200+ merchants across the Zero-Interest Brand EMI offering this year," he added.
Founded by Jhunjhunwala, the company collaborates with over 200 financial institutions and more than 1,000 business partners worldwide.
Over the years, airpay has established itself as a preferred partner and advisor for providing financial services technology and last-mile enablement.