Staff Repoter ; Kolkata , 29 April : Amazon Pay today launched ‘Amazon Pay Later’, a service that will extend a virtual line of credit to eligible customers shopping on Amazon.in.
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, Company sources here today informed adding customers could also use this credit to complete their bill payments on Amazon.in. ‘Amazon Pay Later service offers the option to repay in the subsequent month at no additional fees, or in easy EMIs up to 12 months at nominal interest rates , they stated further.
Quoting Marendra Nerurkar, CEO , Amazon Pay India , the sources further claimed that this initiative by Amazon Pay was aimed at helping customers extend their budgets for purchases like home appliances , electronic gadgets , everyday essentials , groceries , and even pay their monthly bills be it electricityand mobile recharges, .
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, the CEO said.
‘Amazon Pay Later’ also offers a seamless payment experience with in-built security features and gives customers and option to setup auto-repayment to settle monthly bill or EMIs through the bank of their choice. Customers also have an option to repay all outstanding amount in one go at no additional fees. Based on usage and repayment behavior customers will also be able to enhance their credit limit further.