A new financial innovation called “Split & Pay” is gaining traction in India, making it hassle-free for customers to handle unexpected or high-value payments using different wallets and cards in a single transaction.
Through this option emerging on digital checkout pages, customers can now seamlessly split a large bill amount across various payment modes like credit cards, debit cards, net banking, UPI and reward points with just one click. Payment service providers like Phi Commerce and Cashfree Payments have introduced this feature to simplify transactions for customers and merchants alike.
Instead of juggling multiple cards or payment apps one after another to pay a medical, college or other lumpsum fee, people can now divide the amount across available funds sources in their accounts through Split & Pay. This has proven useful in scenarios demanding urgent disbursals that surpass individual account balances. Recent data from RBI too shows rising digital payments, average transactions are growing in value.
Several organizations have already begun taking advantage of this updated functionality. HDFC Life policyholders routinely deploy Split & Pay for premium installments, optimizing rewards accumulated on loyalty programs too. Businesses report increased high-value deals since integrating it as customers find the experience more convenient than traditional serial payments.
Split & Pay allows grouping purchases as well, with friends readily distributing shared costs according to preferred means. Reconciliation stays paperless as back-end systems liaise with multiple gateways simultaneously. Overall, the option delivers a streamlined procedure supporting significant ticket sizes commonly faced by consumers and organizations. With fintech innovations like these, digital financial inclusion is enhancing across India.
