The Indian airline SpiceJet introduces a new scheme under which passengers will be able to pay for tickets in three, six, or 12 installments. The airline in a press release said, “as part of the launch offer, customers will be able to enjoy three months EMI option at no additional cost meaning that there will not be interest on the money.”
The scheme by SpiceJet is offering a bank-free installment system. Under the scheme, passengers can now pay EMIs with their UPI IDs instead of card-based payments. The move is backed by the company Walnut 369, which is owned by Razorpay and Capital Float. The EMI will be available to the passengers by providing basic details like PAN number, Aadhar number, or VID and verifying it with a one-time password, the press release mentioned.
Shilpa Bhatia, Chief Commercial Officer, SpiceJet said, “ Our latest initiative aims to add more convenience and allow passengers to pay in easy installments as per their budget.”
As per the scheme, the customers will have to make payment of the first EMI by providing their UPI ID and Subsequent EMIs will be deducted from the same UPI ID, the press release indicated. Passengers do not have to provide any credit card or debit card details to avail of the EMI scheme, it said.
The move thus removes the hassle of credit cards but at the same time, one should keep the point that only the three-month EMI option is interest-free, which means you will be paying more for smaller payments every month.
The airline in its latest economic report noted that there was a fall in market share for the company every month. So to promote the growth of it as well as to make it easier for the customers to plan for a holiday trip, the airline took the decision. In fact, there were situations some of the people refuse to take flights because of the ready cash with them. The move would definitely help them to overcome such a situation.