Daraz has launched Easy Monthly Installments (EMI) services in Pakistan. EMI will allow customers to purchase items through a deferred payment plan using their credit card. For a limited time, Daraz EMI does not have any mark-up, down payment or any other hidden cost attached to it. Initially bank Alfalah, HBL and Silk Bank credit card customers can avail this facility.
Daraz has actively worked towards financial inclusion in the country. From various online payment initiatives with digital payment partners to launching its own wallet, it has encouraged millions of users to move towards digital payments. And now, with the EMI service, it will further increase accessibility.
At its core, EMI is meant to ease the burden of shopping, tying in with Daraz’s mission to make it easy to do business anywhere in the era of digital economy. The EMI service will give customers access to the products they couldn’t previously afford and also give sellers access to a wider customer base.
“We are partnering with various banks to offer the convenience of EMI payments on Daraz. By allowing more customers to buy the things they want without having the stress of paying immediately, we have become a large contributor towards financial inclusion and providing ease of shopping online.” said Ehsan Saya, Managing Director, Daraz.
Daraz has an expansive assortment of over 5 million products in 100+ categories, from everyday household items to cars and other vehicles. EMI will enable customers to purchase flagship items without any burden. For a limited time, there is no markup or down payment and the purchases are instantly approved. Customers who decide to buy items on installments can pay with the EMI payment option and their product will be shipped to them like a regular Daraz order.
EMI applies to carts that carry one product and have a minimum order value of Rs 10,000. To avail EMI, customers will have to select the EMI payment method upon checkout, enter the bank and card details, and then select the EMI tenure they desire (3, 6 or 12 months). The EMI plan is activated within 7 days and confirmation messages are sent to the customer when done.
“Bank Alfalah is delighted to join hands with Daraz, Pakistan’s leading online marketplace. This strategic collaboration is in line with our vision to empower consumers by providing convenient and secure online payment solutions; building a futuristic and financially included digital economy,” said Shahzad Ishaq, Head of Consumer Finance, Bank Alfalah.
Discussing the recent partnership between HBL and Daraz for this EMI initiative, Aamir Kureshi, Global Consumer Banking Head of HBL said, “we are delighted to continuously bring offers for our customers that deliver value for money while using our products. With HBL Installment Plan option at Daraz, credit cardholders can turn their big purchases into smaller, fixed monthly repayments over a set tenure. We are confident that this partnership will help us bring more value, peace of mind and convenience to our customers.”