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Amazon has launched a new service called ‘Amazon Pay Later’ that aims to offer instant credit to eligible customers shopping on Amazon.in. The service lets people sign up digitally and allows customers to get instant credit that can be used to purchase any product. The credit can also be used to pay off bills. They can then repay the amount in the subsequent month at no additional cost, or in EMIs for up to 12 months with added interest.
The service aims to help customers extend their budgets for the purchase of goods like home appliances, electronic gadgets, groceries and even bill payment. The e-tailer has partnered with Capital Float and the Karur Vysya Bank (KVB) to make the service possible. In its official blog, the company notes that customers will have the option to setup auto-repayment for recurring bills. Based on the usage as well as repayment behaviour, customers will also be able to increase their credit limit.
Mahendra Nerurkar, CEO Amazon Pay India stated, “we are always looking for ways to improve our customers’ payments experience on Amazon.in and make purchases more affordable. Amazon Pay Later is a unique service that will help customers expand their access to credit and experience the most convenient option of making payments. In current times Amazon Pay later empowers our customers to better manage their monthly spends.”
You can learn more about Amazon Pay Later in the company’s help section here.
In order to sign up for the service, customers will need to share their PAN card number and their Aadhar card number. It should also be noted that eligible customers do not need a credit card to sign up. In fact, the service is very similar to the Amazon Pay EMI service that was launched in September 2018.