Amazon Pay Later Service Launched in India With Aim to Provide Instant Credit.
In order to enhance the purchasing power of Indians the Amazon rebrand amazon credit service into Amazon Pay EMI.
Amazon, the US e-commerce giant include additional benefits to get instant credit on any of the products listed on the online marketplace and access credit even for groceries and utility bills.
Amazon is aiming to enhance the purchasing power of Indian customers and let them easily extend their budgets while shopping online.
Customers can also use the service to purchase their groceries or other essential items on credit during the lockdown.
It allows customers to purchase any of the listed products on the marketplace with the option to pay the amount in a subsequent month. Also, customers can alternatively opt for easy EMI options for up to 12 months.
The Amazon Pay Later service also offers the option to repay in a subsequent month at no additional fees or convert large ticket transactions into monthly installments for up to 12 months.
The interest rate in the Amazon Pay Later service is between one and a half to two percent a month, though Amazon also has various products with no-cost EMI options that effectively bring interest-free benefits.
Amazon Pay Later also been used for paying monthly bills of utilities such as electricity or water or even for mobile bills and recharges.
With this service you cannot buy products as such jewellery, Amazon Pay Gift Card, Amazon Pay balance top-up.
How to avail the service
To register in Amazon pay later , you need to visit the dedicated registration page on the Amazon app.
Next step you have to go to know your customer (KYC) process in order to enable the service of Amazon Pay accounts.
According to the FAQ page, the company supports two modes of KYC completion
- First one is where the existing KYC on Amazon can be used
- Second one is where an OTP based eKYC is conducted to bring the customer on board.
- A PAN number is also mandatory for KYC checks and to avail the service.
Once the KYC process is completed for the service, you will be able to view your registration status from the Amazon Pay Dashboard available within the Amazon mobile app or in the Amazon.in website. Where the dashboard provide you all the future transaction details
TechDzone 