Amazon has announced the launch of its new service known as Amazon Pay Later. The new service will allow users to get instant credit, which they can pay later.
The new offering is similar to what we have seen with LazyPay, Simpl, Mi Credit and more. With this, customers can purchase any product on Amazon India and even make bill payments in credit. One can repay it in the subsequent month at no additional fees and the brand is also offering EMI up to 12 months at nominal interest rates. However, it is important to note that the credit will vary from user to user. The brand has revealed that customers can avail credit up to Rs 20,000.
The new service has been launched in partnership with Captial Float and The Karur Vysya Bank (KVB) and the brand reveals that the whole process is completely digital. In order to get the credit limit, users need to enter their PAN card details and users need to complete Aadhar based e-KYC verification. Furthermore, the brand has revealed that automatic repayment service is also available with Amazon Pay Later, meaning that the amount will be automatically deducted from the user’s account.
“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 most convenient option of making payments. In current times Amazon Pay later empowers our customers to better manage their monthly spends,” said Mahendra Nerurkar, CEO Amazon Pay India.