Flipkart Pay Later will charge 10rs per month

Its almost equal to 1% per month and around 14%on Annualized basis. 😂

Just Close It Then.

few months back they removed link between phonepe and flipkart pay later,…now this…fk changing too much………..

Even Paytm postpaid is charging convenience fee stop using them and they will roll back to zero again

Source: Sms

Important Information -
Starting May 2021, a usage fee of Rs. 10 will be charged by the financing partner on your Flipkart Pay Later bill of Rs. 1,000 or more.

Hilarious and stupid act by Flipkart. Thank God, I have not signed up for this service after my bad experience with Amazon Pay Later. Not sure if this something that will go well with the Flipkart Pay Later subscribers.

Using FK PayLater is a very rare thing for me (Now, the account is paused as Mini-KYC expired)
This month they’re are giving couple of offers (100off on 500, 100 off on 2k) so many might sign up and even order but what after that?

Anyways.. this will only further push the users away from signing up / using FK PayLater (the genuine ones.. who use PayLater w/o considering any cashback offers)

From may 1, 2021 flipkart will charge 10₹ if you utilise 1000₹ or more than 1000₹ from pay later.
Note : flipkart pay later is serviced by idfc first bank.

Yup the message come in morning 😄

email from Flipkart:

Important Updates for your Flipkart Pay Later account

Flipkart<[email protected]> Fri, Apr 30, 2021 at 1:12 PM
Reply-To: [email protected]
To: <[email protected]>

Important Information -

Starting May 2021, a usage fee of ₹10 will be charged by the financing partner on your Flipkart Pay Later bill of ₹1,000 or more.

To know more, click here
Terms & Conditions for Flipkart Pay Later have been updated – Click here

Important Information -

Starting May 2021, a usage fee of ₹10 will be charged by the financing partner on your Flipkart Pay Later bill of ₹1,000 or more….

What is Flipkart Pay Later?

Flipkart Pay Later is a payment option available on Flipkart & other partner platforms (such as Myntra and 2GUD). You can use this option to shop any number of times through the month without paying at the time of purchase and pay the total amount once or in part by the 5th of the subsequent month. This option is currently available for select products on Flipkart and other partner platforms.

Starting May 2021, a nominal usage fee of Rs10/- will be added to the Flipkart Pay Later bills, for bills greater than Rs 1,000/-.

What are the benefits of Flipkart Pay Later?

Flipkart Pay Later offers the following benefits:

Simple, one-click checkout experience
Get credit for over a month without any extra charge
Shop throughout the month, and pay for all your purchases in one bill
Instant refunds on order cancellation or acceptance of returns
What is my credit limit on Flipkart Pay Later?

Please visit the Flipkart Pay Later section under ‘My Account’ and refer to the ‘Pay Later’ section to know your total credit limit, available credit limit, bills due and the current month usage.

How can my available credit limit increase/decrease?

Your available limit can change depending upon the following actions:

When you place an order on Flipkart or any other partner merchant
When you cancel or return a product purchased on Flipkart or a partner merchant
When you repay your Flipkart Pay Later bill
Can I request for an increase/decrease in my credit limit?

Currently, we don’t support requests for changes in credit limits. However, we may choose to increase/decrease your limit based on your purchase & repayment behavior.

When applying for Flipkart Pay Later, I had to give device permissions such as SMS, etc. to the Flipkart app. What do you do with this data?

This data is used only to assess your eligibility for Flipkart Pay Later. Your personal data is not accessed and the collected data is not shared with third parties.

Why do I need to complete KYC for availing Pay Later services?

Flipkart Pay Later is a financial credit product offered to you in collaboration with our financial partners. Like with any other financial product, you are required to complete your KYC in order to avail it. You can complete the minimum KYC requirements via an Aadhaar-based OTP verification.

What is a minimum KYC? How is it different from a full KYC?

As per RBI Master KYC Directions, an Aadhaar OTP-based e-KYC is considered to be a minimum KYC. It is valid only for 12 months from the date of activating your Pay Later account. Also, your overall shopping usage will be restricted to Rs. 60,000 beyond which you will not be able to use Pay Later services without upgrading to full KYC.

How will I get to know when my minimum KYC is getting expired?

Please visit the Flipkart Pay Later section under ‘My Accounts’ on your Flipkart app. Click on the ‘KYC status’ section to know your KYC expiry date.

How can I upgrade to full KYC?

If you are a minimum KYC user, you can always upgrade to full KYC by visiting the ‘KYC Status’ section as mentioned above. We will also send you reminders as your KYC expiry draws closer.

What is the process for completing full KYC?

To complete your full KYC, we will search your KYC details on the Central KYC Registry. In case your central KYC record does not exist, you would need to undergo an Aadhaar- Paperless Offline e-KYC. Once successful, you will be required to provide your bank account details (Account no. & IFSC code). We will then proceed to deposit Rs 1/- into your account to verify your account name against your PAN/Aadhaar.

In order to upgrade your KYC smoothly, please ensure that the account number shared by you is active and is registered in your name.

What is the Central KYC Registry?

The Central KYC (C-KYC) Registry is an initiative by the government of India to centralize the KYC documents of the customers for availing various financial services. The purpose of C-KYC is to remove the need for submitting fresh documents for KYC verification every time a new financial relationship needs to be started.

More details about C-KYC can be found here

What is Aadhaar Paperless Offline e-KYC?

Aadhaar Paperless Offline e-KYC is another mode for upgrading to full KYC. Only users who do not have a C-KYC record will need to go through this. As part of the process, you will be redirected to the UIDAI website to generate your Aadhaar Paperless Offline e-KYC which will be shared with our lending partner in a secured manner.

More details about the process can be found here.

Is my KYC/account information shared with partners?

We will share your KYC details and bank account number with our lending partner for the purposes of KYC completion only. The information will be stored and shared in a secure manner such that no other party will be able to access it.

https://www.flipkart.com/pages/advanz-service-t...

Hilarious and stupid act by Flipkart. Thank God, I have not signed up for this service after my bad experience with Amazon Pay Later. Not sure if this something that will go well with the Flipkart Pay Later subscribers.

Amazon Pay Later gets added to your credit history as a Loan Account. So if you have already a home loan running, this gets added as a 2nd loan account and that reduces the credit score by a good margin.
Also, till the 1 year my account was active, Amazon had never given any cashback or discounts for purchases using the Amazon Pay Later account.
The only cashback they give is to sign up for the Pay Later account. They have reduced that amount too now.
You cannot pay back the dues for Amazon Pay Later using Amazon UPI or any other UPI. Only Netbanking and Debit cards were allowed. Not sure if that is changed now.
The approved limit was very low (10K only). So you can really buy any electronics item using the service.
Closing the Amazon Pay Later was an even bigger hassle since Amazon does not help in any way with that and you have to directly deal with the lender to get that account closed.