E-commerce giant Amazon has launched a credit service called Amazon Pay Later for its customers in India. Under this scheme, customers can avail instant credit at zero interest rate to buy any of the listed products on Amazon India. The customers can repay the amount in monthly instalments up to 12 months.
Amazon Pay Later is a rebrand of Amazon Pay EMI credit service which has was launched in the US in September 2018. The scheme currently offers 3, 6, 9, and 12 month EMI plans. The credit limit for purchases can be between Re 1 to Rs 60,000.
As per the information available on the company's website, Amazon Pay Later is offered by Amazon Pay (India) Private Limited and a third-party lending partner, Capital Float. Founded in 2013, Capital Float Services Private Limited is a NBFC registered with the Reserve Bank of India and is permitted to lend money to retail customers, small and medium businesses.
In a bid to avail Amazon Pay Later credit service, customers must be 23 years of age or above and need to have an Amazon account with a verified mobile number, a valid permanent account number (PAN) card, bank account with one of the selected banks specified by the company. It also requires a valid document as address proof - Driving Licence, Voter ID card, Aadhaar, Utility Bills (not older than 60 days), Passport.
Currently, the online retailer is providing Amazon Pay Later service to a limited set of customers. This is available for purchases on mobile and desktop platform, while registration can be done only through mobile.
Here's how to register for Amazon Pay Later
- Go to Amazon Pay Later registration page on your Amazon.in mobile App and follow simple on-screen instructions.
- Choose your preferred KYC mode.
- You will be shown 2 modes of KYC completion: Existing KYC (shown only in case you have completed KYC for Amazon Pay Balance) and OTP based eKYC.
- If you opt for Existing KYC, you will need to verify your identity by entering missing 4 digits of the PAN card.
- If you opt for OTP based eKYC, you'll need to verify identity by submitting your complete PAN card and Aadhaar number. Post submission of details, the company will evaluate your profile and determine credit limit for Amazon Pay Later which will be displayed on the next screen.