Don't have a credit card? Shop on Flipkart with debit card EMI option

E-commerce platform has been flooded with mega sales. To push sales further, the marketplaces are coming up with new payment options. One such new option is EMIs on debit cards. 

Amid on-going The Big Billion Days sale which is offered by Flipkart, the e-commerce major has rolled out this payment feature for customers buying high value products. 

In August, according to a Economic Times report, Flipkart's Sandeep Karwa, head of large appliances had said that during the sale last year, many customers could not shop for high-value products because they did not have credit cards. 

Till now EMI on credit cards has been the only option. But, if you look at the data, according to Reserve Bank of India, till June 2017, there were nearly 80 crore debit cardholders while there were just 3.1 crore credit cardholders. 

This clearly shows that not everybody is comfortable with a credit card and credit cards don’t cover individual from certain professional backgrounds. However, this should not stop anyone from shopping!

Hence, Debit Cards for EMI facility is an attempt to bridge the gap by facilitating the convenience of credit and EMI to debit card users too.

Considering this as a "golden opportunity", the banks HDFC Bank and ICICI Bank started promoting the new facility. 

The banks have been sending messages to its customers saying:

"Dear Customer, ICICI Bank launches EMI on debit cards. Now shopping at Flipkart's Big Billion Days is affordable & convinient with ICICI Bank Debit Card EMI as payment method."

The customers can use this option by simply using HDFC Bank and ICICI Bank debit cards for shopping on Flipkart. 

If you look at the ICICI Bank option it says, "ICICI Bank announces the launch of EMI (Equated Monthly Installments) for its debit card customers. This will enable customers to convert their high value transactions into easy installments. This facility allows ICICI Bank Debit Card customers who have a linked fixed or recurring deposit with their bank account to convert their high value transactions into easy installments."

The bank is offering EMI for the tenure of three, six, nine, 12, 18 and 24 months without charging processing fee. EMI facility is applicable on all transactions above Rs.10,000 at participating stores.

For ICICI Bank customers, they can avail this EMI facility in just few clicks. 

1. Shop for a product and select EMI tenure. 
2. Pay by ICICI Bank debit card and enter ATM PIN 
3. Transaction is authorized and conversion to EMI happens post successful validation of parameters.
4. EMI conversion and reversal of amount in the account happens within 2 business working days after the transaction date.
5. First installment will be deducted 30 days from reversal of the money in the account.
6. Account statement will display the transaction with appropriate narration.

So, this festive season do not restrict yourself from shopping if you do not have a credit card because all you need is a debit card!

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