With the festive season around the corner, most people are currently planning the shopping spree that they will go on during the upcoming sale season. Naturally, this sale season will witness a drastic rise in online as well as offline shopping. Given the brouhaha around this phase and the lucrative prices at which products are sold, a significant volume of sales happens essentially during these 2-3 months in India. Not just this, most people in India plan the purchase of big-ticket items around the sale season. Hence, this is the period when sales of certain categories of products like consumer durables and consumer electronics increase excessively. As is the case with most big-ticket purchases, customers usually prefer not to pay the entire amount of purchase at once and instead opt for equated monthly instalments or EMIs. One of the most innovative and beneficial out of the different kinds of EMIs is Debit Card EMI. Confused? Don’t be. This is for real. Debit Card EMIs have not only picked up in the recent past but are also being used increasingly by consumers. 

Why are Debit Card EMIs so popular?  

Well, Debit Card EMIs enable consumers without credit cards to avail EMIs as well. As we know not all consumers necessarily have credit cards. Also, even if they possess a credit card, they might not have the required limit to purchase a specific product. This is when Debit Card EMIs come as a relief. Because debit cards are possessed by almost anyone and everyone these days. Hence while buying a big-ticket product, if your consumers feel that they cannot afford to pay the entire amount upfront and are in need of EMIs, they do not necessarily need to look for a friend who has a credit card so they can borrow the card and then buy what they need. Debit card EMIs save them this trouble for sure! 

So if you are an online business gearing up for the sale season, then this is where your search for the perfect combination of payment modes ends! Because PayU enables your business to offer not just EMIs as a payment mode but we also equip you with Debit Card EMIs. 

How Debit Card EMI works? 

Debit Card EMI is a mode of payment that enables consumers to avail equated monthly instalments on their debit cards. One doesn’t need to have the entire amount in their account at the time of the transaction. Additionally, the bank does not block any amount on the consumer’s card. 

Of course, the obvious question here is how EMI on debit cards help. The answer to this is that as on 2021, India had a total of approximately 62 million credit card holders as opposed to over 940 million debit card holders. Clearly, there is a huge gap between the number of debit and credit card holders. This goes to say that a large part of the populace that probably has a requirement for equated monthly instalments (EMIs) is actually deprived of it because they don’t hold credit cards. Hence, enabling EMIs on debit card is one certain way to offer EMI as a payment mode to the masses that were otherwise unable to benefit from this easygoing payment mode so far. 

How do Debit Card EMIs from PayU help you as an online business in the upcoming sale season? 

  • It helps you increase customer delight and thereby enhance your conversions. 
  • Increase your customer retention 
  • Enable EMI facility for even non-credit consumers 
  • You get paid in full while your consumer pays in comfortable instalments 
  • Empower your consumer to purchase whatever, whenever! 
  • Ensure premium products are accessible across your existing and potential buyers  

With more and more people choosing to buy big-ticket and aspirational products via EMIs, it has become a significant payment mode. Is your business offering Debit Card EMIs yet? 


How do banks perform eligibility checks for Debit Card EMI?

Banks do eligibility checks for Debit Card EMI using the customer’s using card number and registered phone number.

Does the customer need to have any minimum balance in their account in order to avail EMI on their debit card?

Customer does not need to have any minimum balance in their account in order to avail EMI facility on their debit card.

What criteria need to be met by the customer in order to avail Debit Card EMI?

To avail Debit Card EMI, your customer must pass the eligibility criteria set by the respective banks.