Capital Float expands its BNPL boutique services with Walnut 369

Capital Float, in collaboration with Razorpay, recently launched Walnut 369, a real-time, one-click BNPL (Buy Now Pay Later) product that will provide access to over 1,00,000 partners, serving 100 plus cities across the country with zero documentation and instant credit facilities.

The partnership aimed at enhancing the online shopping experience with technology focussed solutions, provides customers with instant approvals, one-click credits, and deferment of purchases payment over 3,6 and 9 months, with an objective to add transaction value, convenience, and affordability for both merchants and customers. 

Per Gaurav Hinduja, Co-founder and MD, Capital Float, “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. With Walnut 369’s industry-leading user experience and our expertise in personal credit, we are offering a transformative payments experience to Razorpay users. 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.”

Indeed, with the ongoing COVID-19 pandemic having completely transformed our income and spending patterns, liquidity situations, and strengthening our digital payment habits, the Indian fintech sector garnered investments worth 1,402.8 billion just in the first half of 2021. This is a marked rise from the cumulative 2.25 billion dollars the sector received in all of 2020. On an estimate, the industry is anticipated to touch almost 52,827 dollars in the next seven years to come. 

In keeping with this exponential growth, Capital Float saw an uptick in its average order value on its partner platforms like Amazon, Spicejet, BoAT, Unacademy, Skullcandy, and more by up to 30 percent, with a higher frequency (40 percent) of recurring transactions, which also implied higher conversions and less COD (Cash On Delivery) purchases on an average. 

Khilan Haria, Head of Payments Product at Razorpay elaborated, “Be it for bill payments or groceries or any e-commerce purchase, there's been an increasing demand for the BNPL service, more so in recent months. The demand for such payment options has been increasing - in the last 250 days, the BNPL payment mode displayed a towering growth of 220%, making e-commerce companies rethink their payment strategies. The timing of our association with Capital Float could not have been better. I believe that through this partnership, businesses will be able to offer instant signup for credit to their customers and drive revenue uplift via making their products affordable.”