As a business owner or a merchant who is keen on increasing sales online, you are perhaps already contemplating introducing EMI (equated monthly installments) options to your customers. But have you considered providing, specifically, EMI on UPI?
This is a payment tool that allows customers to purchase and pay in multiple installments, with the UPI platform, which is a popular option nowadays, without requiring a credit card. So why can this be a strong new addition to your website?
What is EMI on UPI?
The EMI on UPI allows customers to make payments for purchases in convenient monthly instalments using the Unified Payments Interface (UPI) mode of payment, which is a popular digital payment mechanism in India.
This is unlike the traditional EMI option that has been associated with managing credit cards, where, in this case, the vast majority of users (those who prefer to use UPI and those who even lack credit cards) will now have purchase opportunities.
Why Your Business Should Offer EMI on UPI?
Availing *EMI on UPI* can help your business reach an enormous customer base who prefer digitized payment without credit cards. It makes it easier to afford it for the buyer, leading to increased sales and customer satisfaction.
● Expand Your Customer Base
There are more than 350 million UPI users in India, as opposed to about 35 million credit card users, and therefore, on UPI, you can reach a significantly larger market by offering EMI.
This is particularly the case with younger customers, first-time buyers, and customers in smaller cities where they have no access to credit cards but actively use UPI.
● Increase Sales and Average Order Value
Snapmint data indicates that incorporating EMI payment as a way of payment contributes to a 12-15 percent bump in conversion rates and a 30 percent bump in average order value when compared to other payment options. Customers believe more in purchasing bigger items as they are sure that they can pay in installments.
● Easy and Fast Integration
Snapmint enables companies to implement EMI on UPI through their websites in just 48 hours using APIs or integrating it with existing online shopping systems, such as Shopify and WooCommerce.
Onboarding is also digital and streamlined, with AI-driven credit decisions, limiting documentation, and approving customers in a fast, fair manner.
● Transparent and Low-Risk Financing
EMI provided by Snapmint does not have any hidden charges and is much easier to manage compared to other providers who work without RBI approval. This establishes a long-term trust with buyers and minimizes business risks.
The Bigger Picture: Financial Inclusion
By providing EMI on UPI, you will help empower more people (particularly in tier 2, 3, and 4 cities or those with no or limited credit history) to make high-quality purchases. This is not a pure sales strategy; it is part of democratizing access to credit and empowering more people.
Conclusion: Why Wait to Offer EMI on UPI?
Implementing EMI UPI on your site is a significant way to push conversions, boost order values, and serve more customers in an underserved market. Thanks to platforms such as Snapmint, there has never been a more convenient way to enable additional payment options and provide confidence in their risk management.
Give your customers the flexibility to purchase with the freedom to pay later and watch your business expand. Ready to change your business? Start providing EMI on UPI today.