What is Cryptocurrency A new word emerged in our lives two months after the beginning of the recession of 2008 and gradually transformed from a vague expression ("virtual coin") to the vocabulary used to characterize the new economy. On June 9, 2009 the first bitcoin was released by an anonymous person called Satoshi Nakamoto. For different reasons like the sub-prime crisis, Nakamoto, claimed he is a Japanese man in his 30's, said he gave the open protocol in 2007. Today the new coin is called a "Digital Asset" and decentralization is the principal idea behind it: there's no main institution responsible for regulating it. The most familiar and traded form of Blockchain's technology, Bitcoin, who has crossed the $15,000 lines way back and has shows an image of exponential increase in the past few months. The great advantage of blockchain technology is that it doesn't have to keep records for a large central computer or big managing company. With this ...
Instant Credit by E-Commerce
In e-commerce, there is a new form of payment — instant finance. This is an enticing alternative to credit and debit cards when paying for online picks and allows the retailers to spread their charges over time with or without providing APR financing. Instant financing is particularly attractive for millennials, many of which have no credit cards.
Maybe the key reason for dealers to introduce immediate finance into their checkouts is to combat the cart drop. Baymard Institute reports that almost 70% of online customers involved in the buying process have left items unbought on their shopping carts. According to BI Intelligence, online retailers cost $6.4 billion in unrealized profits.
Today, many instant finance solutions for online dealers are available, but study shows that all the needs of online retailers, brands and consumers are met only by those POS funding options which provide the convenience of choosing and smooth, non-frictional service.
It is easy to apply for online products, quick approval, keep consumers on site during the approval process and a standard non-variable APR which can be advertised and makes shoppers feel fairly treated. The attributes of POS financing are the merits of merchants and consumers.
Who are offering these services?
Amazon and Flipkart, e-commerce firms, are now giving customers instant credit, subject to terms and conditions, of up to ₹60,000 and the 'No-cost EMI'
You must undergo a KYC process to determine the amount of credit / loan that is eligible for these 'instant credit' offers.
Aadhaar and PAN information were mandatory for the previous KYC process. Nevertheless, Aadhaar data has not been used by private companies by the Supreme Court in its recent landmark decision on the use of Aadhaar. The questions about how Aadhaar demanded this judgment were submitted to Amazon and Flipkart.
The company was also asked for this judgment. While Flipkart did not respond to these by email, Amazon said, "For us, compliance with the local regulations is a top priority.
Upon completion of KYC, you will be informed if you can take advantage of these loans and how much you can borrow. The availability of such offers does not require a credit card. In order to repay the loan, however, you have to supply your bank information.
How is EMI determined?
This loan under EMI plans for four distinct tenures, namely, 3, 6, 9 and 12 months with no down-payment, are available by both e-commerce companies. Flipkart also provides an option to pay for customers who do not want to pay the money via EMI later next month. The consumer is expected to pay the balance by the 15th of next month as part of the 'Pay Later Next Month' option.
Amazon and Flipkart
Flipkart has no option to prepay loans under the FAQ segments of the mobile apps. Amazon Pay EMI, however, provides the right to settle unpaid loans before delivery, at any time.
Amazon Pay EMI
Amazon Pay EMI is only available to selected customers, so that not all customers can currently use this facility.
You can buy only one item at a time, with a minimum Rs 8,000 value, under the credit offer. This credit can be used for several purchases. You can't take advantage of exchange offers or instant banking reductions. Amazon's debit-card and net-banking service currently includes six banks, i.e., HDFC Bank, ICICI Bank, Canada Bank, Citi Bank, Axis Bank and Kotak Mahindra Bank.
Flipkart Cardless Credit
In the same way, Flipkart also gives its selected customers 'cardless credit.' If KYC is completed through Aadhaar linked OTP, the amount of loan for which you are eligible will be known. You also can not purchase gold and jewels using credit facilities here.
There is no minimum order amount to use the cardless credit according to FAQs in the Flipkart section of the app. The EMI choice is only available for buys of Rs 3,000 or more. The loan rate ranges from 14% to 25%, according to the Flipkart application.
pA late fee of Rs 200 or 3% is paid for a failure to pay or to postpone the payment, whichever is higher, in accordance with the FAQs answered at Flipkart app.
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