Online shopping has become an indispensable part of our life as it provides us with convenience. It helps you to shop for anything from the comfort of your home. But can these online shopping applications be your more affordable option for shopping? The answer is yes.
For instance, you want to buy a television or a laptop. Can you afford to pay a significant amount all at once? If not, you can buy them on EMI. Online shopping platforms like Amazon and Flipkart have introduced the Debit Card EMI mobile feature for their customers, with zero down payment on mobiles. These payment options have been presented in collaboration with top financial institutions in India.
This innovation has made the online payment option more affordable and convenient. The EMI feature has become highly popular as customers can buy their products on credit and pay monthly instalments to pay off their debts. Thus, you need not worry about spending all your savings at once, as the EMI option lets you pay it over an extended period.
Why Debit Card EMI?
According to a recent survey that the Reserve Bank of India undertook, only three crores of credit cardholders compared to 79 crore debit cardholders in India. This difference indicates that as the online shopping applications previously only provided credit card EMIs, they lost an enormous customer base. Including the Debit Card, the EMI option has enabled these online shopping applications to attract new groups of customers. Moreover, Debit Card EMIs through mobiles is helping customers to shop without having to worry about paying massive amounts of money at once.
How to use Debit card EMI on Flipkart?
Let me first inform you that not all customers can use the Debit Card EMI option. Customers can check if they are eligible by going to the checkout page. The “Debit Card EMI” option would be available in the zero down-payment mobile section if you are eligible.
If you buy an item using the Debit card EMI option, you need to select the item you want to purchase and look for the payment options that have the interest rate and period for your Debit Card EMIs.
To purchase the product, you need to:
- Add the desired item to the cart, proceed with the payment options and select the Debit card EMI option.
- Select the appropriate scheme and tenure. You would be required to write down your card number and CVV if your card is not already saved.
- An OTP will be sent to your registered mobile number.
- Entering the OTP in the application would help you complete your purchase.
How to use Debit card EMI on Amazon?
Like Flipkart, not every customer is eligible for using the Debit card EMI option. Amazon also provides additional perks to their customers. The extra perks include no hidden charges along with other discounts and cashback. The application, however, currently only supports Mastercard and Visa debit cards.
In case of purchasing a product, you need to:
- Select the product and check the available EMI options for the product.
- Add the product to the cart and click on the “proceed” option to purchase it.
- You will then be required to select the address where you want to receive your product.
- Followed by this, you must add your debit card option, select the appropriate EMI scheme, and complete your purchase.
It is best to check if your card is eligible for such payment before you decide to close on a sale. Remember, specific e-commerce platforms support particular debit cards, and all cards may not be eligible. Make sure you go through the different laptop on EMI schemes to select the best one for you.
Conclusion
The debit card EMI option has allowed customers to buy whatever they want without worrying about their finances. You can purchase the product and pay it monthly through the debit card EMI option. However, it is crucial to go through the terms and conditions before opting for a debit card EMI option. Go through the interest rates charged, if any, and other conditions to avoid issues later. You must also go through the conditions to understand the add-ons or benefits you are likely to receive.
