Amazon India now launched a new payment method called the Amazon Pay EMI for its mobile users. This new payment method allows the cardless users to purchase products on EMI plan basis. this mode gives the users instant credit, and allows the users to pay them via EMI using their debit cards. Surprisingly all this payment method costs very low interest rates and also the users can make payments in installments ranging from up to 3 months to 12 months.
Amazon recently partnered with Capital Float to let users link their debit cards and pay installments automatically on their smartphones in the Amazon app. The banks that are eligible for this new Amazon Pay EMI method are HDFC Bank, ICICI Bank, Canara Bank, Citi Bank, and Kotak Mahindra Bank.
For now Amazon Pay EMI is a invite- only program, meaning that only selected customers are eligible and have to complete a simple two-step registration process to get an assigned credit limit which they can use to make high value purchases on Amazon app.
Registering into the Amazon Pay EMI method :
The users need to verify their identity using PAN and Aadhaar card details. The users will be getting the verification OTP to the user's phone number associated with the number on the Aadhaar card. After completing this verification customers will be instantly provided credit limit of up to Rs.60,000 /- which can be used for purchasing multiple products on Amazon app.
The user then is required to link their bank account/ debit card/ or net-banking for auto repayment in EMIs that will be decided based on the product in question. The Amazon Pay EMI option is currently available only for mobile users, and customers can track their EMI order history, repayment history and pending dues using Amazon Pay homepage.
Note that the Amazon Pay EMI will not be available when exchange offer is applied on purchase, and linked user account must have sufficient amount which covers the cost of the product purchased. To purchase via Amazon Pay EMI, customers must ensure that the Amazon Pay balance should be unchecked on the payment selection page.
Coming to the Terms and Conditions, Amazon noted that the Amazon Pay EMI method can be availed only for a single item purchases with a minimum purchase value of Rs. 8000/-. Once registered users can avail this option on checkout of products worth more than Rs. 8000/-, and less than Rs. 60,000/-. The limit is ascertained on the basis of information already available with Amazon, users credit bureau history, and more.
Vikas Bansal, Director, Emerging Payments said that,“Amazon has always been focused on making shopping truly affordable for masses online. We are on a mission to enable credit access for every Amazon customer. Amazon Pay EMI is a hassle free way of availing instant credit for customers that
currently don’t have access to credit. This product has been developed leveraging India Stack to make the process completely digital. After recent expansion of EMI on Debit cards, we are very excited to bring this facility ahead of festive season and being the most affordable destination for our customers”.
Also note that Jewellery, gift card, Amazon Pay Balance top-up, or products from Amazon Global Store cannot be purchased using Amazon Pay EMI method. This method will be soon available for more users over the next few days as stated by Amazon.
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