- Amid Covid-19 lockdown, Amazon has come up with pay later credit facility in India
- The service will allow Amazon customers a Zero interest credit on any of the products on Amazon India
INDIA: Amazon has introduced a new credit service called Amazon Pay Later in India. The service offers customers an instant zero-interest credit on any of the listed products on Amazon India and even allows them to repay it in monthly installments up to 12 months.
Customers can choose to pay the amount for the products purchased on Amazon India in the subsequent month, much like other services like LazyPay. Alternatively, buyers can also convert the bill into an EMI up to 12 months at a monthly interest rate between 1.5 to 2 percent. Notably, Amazon India offers products with no-cost EMI, effectively bringing down the interest rate to zero.
Pay Later also allows consumers to opt for credit for paying monthly utility bills or purchase essential products during the lockdown.
Amazon said that the credit eligibility for purchases can be from as low as Re 1 and go up to Rs 60,000. The company said the upper limit is based on regulations provided by the Reserve Bank of India (RBI), and not imposed by the company.
Users need to register for the Amazon Pay Later service, which can be done via the Amazon India mobile app. Currently, the service does not offer desktop support. The customer will need to fill in the Know-Your-Customer (KYC) details to enable Amazon Pay. Following the KYC completion, customers can check their Amazon Pay Later registration status from the Amazon Pay Dashboard, which can also be used for checking transaction records.
Amid the economic slowdown due to the lockdown, such steps by the companies make it easier for people to deal with the following financial crunch and enable them to fulfill their needs.