Amazon on Wednesday announced ‘Amazon Pay Later’, a new credit service in India that will allow shoppers on its platform to get instant credit to buy products as well as pay bills.
“With an easy, digital sign-up process, customers will get access to instant credit that they can use to buy any product ranging from daily essentials to electronics and clothing. Customers can also use this credit to complete their bill payments on Amazon.in,” the company said. Amazon Pay Later offers the option to repay in the subsequent month at no additional fees, or in EMIs up to 12 months at nominal interest rates.
“Amazon Pay Later is a unique service that will help customers expand their access to credit and experience most convenient option of making payments. It empowers them to manage their monthly spends better,” Mahendra Nerurkar, CEO, Amazon Pay India.
The company added that this initiative by Amazon Pay, the company’s digit payments units, is aimed at helping customers extend their budgets for purchases like home appliances, electronic gadgets, everyday essentials, groceries, and even pay their monthly bills, including for electricity, mobile recharges and DTH.
“As a pilot, this unique service was available to a few customers and Amazon Pay has now extended this service to tens of thousands of eligible customers. Amazon Pay has partnered with Capital Float to design and enable ‘Amazon Pay Later’ service for its eligible customers, and Capital Float has brought in Karur Vysya Bank (KVB) as a co-lending partner to scale up the service,” it added.