India has come a long way in familiarizing itself with cashless financial transactions ever since the surprise demonetization of Rs 500 and Rs 1,000 notes on November 8, 2016. In these two and a half years, the country has shown an impressive growth in digital transactions, helped by greater reach of the internet and mobile connectivity.
Recently, a five-member panel formed by the Reserve Bank of India and headed by Nandan Nilekani said that the per capita digital transactions in India are set to increase from 22 in March 2019 to 220 by March 2022. The panel added that the number of digital transaction users in the country would rise from 100 million to 300 million in the course of the next three years.
An integral part of digital transactions today is the debit and credit card payments. With these card payments gathering momentum in the country, we now have a bouquet of options to choose from with new, exciting entrants in the market which are game changers in online retailing business. Digital card transactions come with lucrative advantages like the option of paying for your purchases in Equated Monthly Instalments (EMIs). In EMI cards, each card transaction that you make, functions like an interest-free loan, which in turn, would help you save on EMI payments, especially compared to paying big credit card debts every month.
On platforms like Finserv MARKETS, you can choose from a variety of cards that are tailored to suit your specific buying habits. For instance, the Bajaj Finserv EMI Card network spans across more than 30,000 retailers across 1,300 towns and cities.
With these EMI cards, available on Finserv MARKETS, you can shop for consumer durables, furniture or apparel, footwear, eyewear or even groceries.
Moreover, now it’s much easier it’s much easier to apply for EMI card. Through Finserv MARKETS, you can go cashless in a hassle-free process with easy approvals and minimal documentation. Here are some benefits of EMI cards in a nutshell:
Get approval in a jiffy: You don’t need to wait for approval like other EMI plans. Enjoy instant approvals and start shopping for a variety of items like home appliances, apparels, furniture and much more.
Borrow money easily for all those luxury purchases: EMI cards give you the unique opportunity to convert your purchases into easy EMIs. All you have to do is swipe. It acts as a pre-approved loan in your wallet and can be used to buy a variety of products. Choose from a wide array of popular websites like Amazon, Flipkart, Paytm and use these EMI cards both online and offline to avail exclusive deals and offers on all of your purchases.
Pay back when you can: If you have an EMI card, you have the freedom to choose a repayment tenure that suits you. You can choose from the tenure variants of three, six, nine, and 12 months to repay the amount.
Say goodbye to foreclosure charges: Unlike other loans that usually levy a small penalty on prepayment, EMI card encourages you to pay ahead of your tenure once you have paid the first EMI. There is no limit on the prepayment amount and customers can make up to six prepayments free of charge in a year.
Enjoy zero interest on the loan: Most of the products do not incur any charges and can be purchased free of any interest. The customer has to simply pay the EMIs for the loan taken.
These EMI cards usually come with a small joining fee but do not charge any renewable fee if you avail the service even once in a given year. Though the concept is relatively new in India when compared with other forms of card services like debit and cards, it is now gaining popularity. In all, there are about seven million customers availing the Bajaj Finserv EMI card benefits through platforms like Finserv MARKETS which enable you to purchase these services in a hassle-free manner.
According to the Reserve Bank of India, there were 958.2 million debit cards in operation in the country as of December 2018. Moreover, a total of 44.2 million credit cards were operational.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment, and an exclusive EMI store, all under one roof – anytime, anywhere!