June 30, 2021 12:44 PM
Introduced during the COVID-19 pandemic last year, Amazon Pay Later feature has been well received by the users. Two million consumers have already signed up for this feature, and Amazon India has recorded over 10 million transactions at a 99.9% payment success rate.
Amazon Pay Later is a payment method where banks and financial institutions offer an instant credit line to Amazon customers with an easy digital sign-up process, and customers can shop now and pay either next month or in EMI instalments.
According to Amazon, this new credit feature was designed to help customers extend their budgets for high priced products purchases like home appliances, electronic gadgets, everyday essentials, groceries, and even pay their monthly bills be it electricity, mobile recharges, DTH and more. Customers can avail of the option to repay by next month at no additional cost, or in EMIs up to 12 months at nominal interest rates through their bank accounts.
“We are humbled to serve millions of customers on Amazon Pay Later and offer a virtual line of credit to customers shopping on Amazon.in. Amazon Pay provides a seamless payment experience with in-built security features and empowers our customers to better manage their monthly spends. 2 Million sign-ups are a testimony of customers’ adoption and trust to choose Amazon Pay,”.
Amazon says these numbers reflect the growing preference among Amazon customers for digital payments, along with a readily accessible credit line from banks and financial institutions that provides convenience, safety along with unique rewards and benefits.