Bengaluru: Amazon Pay on Wednesday launched 'Amazon Pay Later', a service that will extend a virtual line of credit to eligible customers shopping on Amazon.in.
According to the company, with 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 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.
"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," Mahendra Nerurkar, CEO Amazon Pay India said in a statement.
This initiative is 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 electricity, mobile recharges, DTH etc.
As a pilot, this unique service was available to a few customers and now the company has extended this service to more 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.
Customers also have an option to repay all outstanding amount in one go at no additional fees. Based on usage and repayment behaviour customers will also be able to enhance their credit limit further.