Amazon Pay Later Launched In India: Here’s How To Register

During the COVID-19 lockdown in India, Amazon has come up with a new credit service for its users. Well, the latest service dubbed Amazon Pay Later is a rebranded Amazon Pay EMI service that is available for its users in the US since 2018. The new service brings additional benefits including the ability to get instant credit on almost all products listed on the portal and access credit for utility bills and groceries too.

Those who avail Amazon Pay Later service can avail the option to repay the credit they have availed in one month sans any additional fees. Also, they can covert large ticket transactions into convenient monthly installments up to 12 months. On choosing EMI payment option, users will have to pay an interest of 1.5% to 2% per month. Also, there are products that have no-cost EMI payment options too and on buying them users need not pay any additional interest.

Amazon Pay Later Service Detailed

When it comes to exceptions, the Amazon Pay Later service is not available for cash equivalent products including Amazon Pay balance top-up, jewelry, Amazon Global Store, or overseas merchants or bullion. Back in 2018, Amazon Pay EMI was launched for users purchasing products over Rs. 8,000 and later it the transaction value was reduced to Rs. 3,000.

What's interesting is that Amazon Pay Later purchases can range from Re. 1 to Rs. 60,000, which is the initial credit limit. The e-commerce portal has continued the partnership with Capital Float, a digital lender, which was also the partner for the previous service. This time, the e-commerce portal has brought Karur Vysya Bank also onboard to fulfill customers' credit requirements.

As of now, Amazon is running a pilot test of the Amazon Pay Later service with a small set of users. It will be extended to lakhs of eligible customers soon. The final decision of edibility will be taken by the lender.

How To Register For Amazon Pay Later

To register for Amazon Pay Later service, you should visit the dedicated registration page on the app. You can go through the KYC process to enable the service for their Amazon Pay accounts. AS per the FAQ page, there will be two modes of KYC completion - one is the existing KYC verification on Amazon and the other is an OTP-based eKYC option. The users' PAN number is important for the checks to avail the Pay Later service.

What We Think

With the launch of the Amazon Pay Later service, the e-commerce portal seems to be focused on enhancing the purchasing power of customers in India. It will help them extend their budgets as they shop online. And, it is Amazon's answer to Flipkart Finance EMI and other similar services available in the market right now.