Light up the festive shopping season for consumers - choose PayU's debit card instalments:- www.deekpay.com

With the festive shopping season approaching, most people are planning to make big purchases during the upcoming sale season. Undoubtedly, this selling season will witness a sharp increase in online as well as offline shopping. During this phase, the buzz around shopping and the attractive prices of the items make a large number of sales happen in just 2-3 months, which is especially evident in India. Not only this, most people in India plan to buy big-ticket items during the sale season. As a result, sales in certain product categories spike during this period, such as consumer durables and electronics. As is the case with most large purchases, instead of paying the entire purchase amount in one go, customers usually opt for instalments or Equated Monthly Installments (EMIs). Among the many instalment options, debit card instalment is one of the most innovative and beneficial. If you are confused, there is no need to be surprised. This is indeed true. Debit card instalments have not only gained traction in the recent past but are also being used more frequently by consumers.

Why are debit card instalments so popular?

Debit card instalments allow consumers who do not have a credit card to enjoy the convenience of paying by instalments. It is a known fact that not all consumers have credit cards. Even if they have a credit card, they may not have enough credit to purchase a particular product. This is where debit card instalments become a form of relief. This is because almost everyone today will have a debit card. Therefore, when consumers are buying a big-ticket item, they do not have to look for a friend who has a credit card to borrow the card to buy the required item if they feel that they cannot pay the entire amount in one go and need to pay in instalments. Debit card instalments certainly save them from such hassles!

So if you're an online business gearing up for the promotional season, that's where your payment options end! Because PayU doesn't just enable your business to offer instalments, we also equip you with a debit card instalment facility.

How do debit card instalments work?

Debit card instalments are a payment method that allows consumers to take advantage of equal monthly payments on their debit cards. The consumer does not have to have the entire amount in the account at the time of the transaction. Moreover, the bank does not freeze any amount on the consumer's card.

Of course, there is an obvious question here: how do debit card instalments help? The answer is that as of 2021, there are a total of about 62 million credit cardholders in India, compared to over 940 million debit cardholders. Clearly, there is a huge gap between the number of debit and credit card holders. This suggests that a large proportion of consumers who may need to pay in instalments are actually deprived of this facility as they do not have a credit card. Enabling instalment payments on debit cards is therefore a sure way of providing instalment payment options to the masses, who were previously unable to benefit from this easy payment option.

How can PayU's debit card instalments help your online business during the upcoming promotional season?

It can help you improve customer satisfaction and thus increase conversion rates. Increase customer retention by offering instalments to consumers even if they don't have a credit card. You can receive full payment while the consumer pays in instalments comfortably. Empower consumers to buy any item at any time! Ensure that your existing and potential buyers are exposed to high-end products.

With more and more people choosing to buy large and desirable products through instalments, it has become an important form of payment. Has your business started offering debit card instalments?

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Frequently Asked Questions

How do banks conduct eligibility check for debit card instalments? Banks conduct eligibility check for debit card instalments by using the customer's card number and registered phone number. Do consumers need to maintain a minimum balance in their account to avail instalment facility on their debit card? Consumers are not required to maintain a minimum balance in their account to avail the Debit Card Instalment facility. What are the conditions that a consumer needs to fulfil in order to use Debit Card Instalment? In order to use Debit Card Instalments, the consumer must meet the eligibility criteria set by the respective bank.

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