The Amazon Pay Later service lets you pay off your balance in the next month with no additional fees or in easy monthly installments for up to a year with interest.
On Wednesday, Amazon Pay launched Amazon Pay Later, a service that gives eligible customers shopping on Amazon.in a virtual line of credit.The company claims that as a result of the digital sign-up process, customers will be able to access instant credit that they can use to purchase anything from clothing and electronics to everyday necessities.This credit can also be used by customers to pay their bills on Amazon.in.The service lets you pay it back in one month at no extra cost or in easy monthly installments for up to a year at low interest rates.
“Amazon Pay Later is a one-of-a-kind service that will assist customers in expanding their credit access and providing them with the most convenient method of payment.The CEO of Amazon Pay India, Mahendra Nerurkar, stated in a statement, “In today’s times, Amazon Pay later empowers our customers to better manage their monthly spends.”
Customers will be able to extend their budgets for purchases like home appliances, electronic gadgets, necessities for everyday life, groceries, and even paying their monthly bills like electricity, mobile phone recharges, DTH, and so on thanks to this initiative.
This one-of-a-kind service was trialed with a small number of customers, but the company has now made it available to a larger number of customers who are eligible.Capital Float has added Karur Vysya Bank (KVB) as a co-lending partner to scale up the “Amazon Pay Later” service for its eligible customers. Amazon Pay has partnered with Capital Float to design and enable the service.
Customers can also pay off their entire balance in one payment with no additional fees.Customers will also be able to increase their credit limit further based on their usage and repayment patterns.
In the meantime, the e-commerce giant recently announced that it will discontinue the two-hour grocery delivery app called “Prime Now” in India.In addition to the standard delivery, it offered a two-hour expedited option for customers.However, the fact that the company is not terminating this service makes this move interesting.It intends to incorporate it into the main app.