Amazon has launched a credit service for customers in India. It offers instant credit on any of the products listed on the e-commerce platform. Read more to find Amazon Pay Later Service Offers Instant Credit – Here’s How It Works
The new service is essentially a rebranded version of Amazon Pay EMI (launched in September 2018). However, it comes with additional benefits.
The Amazon Pay Later Service will allow users to get instant credit on any of the listed products. You can access credit even for groceries and utility bills.
Customers can repay in a subsequent month at no additional fees. Alternatively, you can convert large ticket transactions into monthly installments for up to 12 months.
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The purchases made through Amazon Pay Later can range from Re 1 or to Rs 60,000 (based on the regulations provided by the Reserve Bank of India).
While there is an interest rate of between one and a half to two percent for monthly payments, Amazon offers many products with no-cost EMI options or interest-free benefits.
The nee service can also be used for paying monthly bills of utilities such as electricity, water, mobile bills, recharges, etc.
Currently, Amazon is running a pilot for the new service with a small set of customers. Here’s how you can register:
How To Use Amazon Pay Later Service For Instant Credit
- Visit the dedicated registration page on the Amazon app
- Log in with your Amazon Pay accounts
- Then, complete the know your customer (KYC) process (existing KYC on Amazon or an OTP based eKYC). A PAN number is also mandatory
- Once the KYC process is completed, you should see your registration status on the Amazon Pay Dashboard
- That’s it. The Dashboard will offer all your future transaction records
Note: The service doesn’t work with few cash equivalent products, such as jewelry, Amazon Pay Gift Card, Amazon Pay balance top-up, products from Amazon Global Store, etc.
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Conclusion
The Amazon Pay Later service is aimed at boosting the purchasing power of Indian customers and allow them to extend their budgets while shopping online.
The e-commerce giant also hopes that the new service will help customers to purchase their groceries or other essential items on credit during the ongoing lockdown.
The company plans to take the service beyond its native platform. Customers will be able to use this line online and offline merchants wherever Amazon Pay is accepted.
The Amazon Pay EMI service was introduced in 2018 checking out products worth more than Rs 8,000. However, it was later expanded to a minimum transaction value of Rs 3,000.
The new service will take on the Flipkart Pay Later service that offers an instant credit of up to Rs 5,000 at zero additional cost for up to 40 days.
The LazyPay also allows repayments across over 250 websites and apps (with up to Rs 1,00,000 credit limit). Customers can settle payments once in 15 days.
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