Amazon India is all set to roll out a credit service named ‘Amazon Pay Later’ to allow customers to buy low-ticket size products like grocery and other essentials, pay utility bills and make other required purchases on credit.
The e-commerce major will give zero-interest credit to consumers, similar to Walmart-owned Flipkart and a slew of smaller start-ups such as LazyPay, Simpl and ePayLater.
The partnering lenders for this endeavour are Capital Float and KarurVysya Bank. The initiative offers customers to choose from interest-free credit for a month or like in its EMI service, convert the transaction amount into monthly installments for up to 12 months. The latter, however, would charge an interest ranging between 1 and 1.5 per cent on a monthly basis.
The service can be used for almost all of the products on the marketplace with exceptions like cash equivalent products such as jewelry, gift card, balance top-up, products from Amazon Global Store out of the country or overseas merchants, and gold and silver.
Mahendra Nerurkar, CEO, Amazon Pay India, said “We are always looking for ways to improve the payment experience on Amazon and make purchases more affordable. In current times, Amazon Pay Later empowers our customers to better manage their monthly spends.”
Amazon’s EMI service was launched in 2018 and has now been rebranded as ‘Amazon Pay Later’.
Customers will be eligible for credit lines of up to Rs. 60,000 which they will be able to pay after 45 days of taking up the service. Users would be required to register for the Amazon Pay Later service through Amazon India mobile app.
The service does not support desktop as of yet. This will require the customer to fill in the Know-Your-Customer (KYC) details, following which they can check their Amazon Pay Later registration status from the Amazon Pay Dashboard which will also be used for checking transaction records.
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