The nationwide lockdown to curb the spread of COVID-19 in India certainly has a deep economic impact. Amazon has decided to step up to the occasion and launched its own credit service in India. It’s called “Amazon Pay Later” (easy to remember and explains what it does) and should make it a bit easier for people to manage their monthly spending.
Amazon Pay Later isn’t exactly a new service. It’s an evolution of the existing Amazon Pay EMI service that launched earlier in 2018 in India. It now offers instant zero-interest credit on any of the products listed on the e-commerce website. Not just that, you can even use Pay Later to buy groceries and pay utility bills during the lockdown.
The e-commerce giant has picked Capital Float as its lending partner and you can get instant credit of up to Rs. 20,000. The minimum eligible amount to opt for Amazon Pay Later is Re 1 and can go up to Rs. 60,000.
What do the payment options look like? Well, you can choose to buy now and pay next month, for one. There’s a maximum purchase limit of Rs. 10,000 on this option but it can easily be used to pick up essential goods right now. The other viable option is splitting the payment into EMIs, ranging from 3 to 12 months. You can purchase goods up to Rs. 60,000 in this case.
This means you can buy an air conditioner once the lockdown lifts and pay for it over the next, say 6 months. Amazon further adds that users can repay the amount at nominal interest rates, around 1.5% to 2%, in up to 12 months.
Eligibility Criteria for Amazon Pay Later
Amazon India has listed the criteria you need to fulfill to be eligible for the Pay Later service. As per an official support page, you need to have the following linked to your Amazon account:
- Must be at least 23 years of age
- A verified mobile number
- A valid permanent account number (PAN) card
- Bank account
- Address proof (includes Driving license, Voter ID card, Aadhaar card, Utility Bills, and Passport)
- Good credit bureau history
How to Register for Amazon Pay Later?
Before we talk about how you can get access to Amazon Pay Later, you should know that Amazon Pay Later registration is currently available only on mobile. So, open the Amazon Shopping app on your phone and follow the steps below:
1. From the hamburger menu, jump to the ‘Amazon Pay’ page and here it is that you will find the ‘Amazon Pay Later’ option.
2. Tap on ‘Get Started’ to reach the registration page, where you will need to tap the ‘Activate in 60 seconds’ button to start the KYC process.
3. If you have already completed KYC verification for Amazon Pay, you won’t need to go through the process yet again. You will only need to input the last four digits of your PAN card to verify the same. A credit limit will be assigned to you on the next screen.
Note: PAN Card is mandatory for completing Amazon Pay Later registration.
4. If not, you can quickly verify all of your details via OTP. Simply input your Aadhaar number and PAN details when asked. You will then receive an OTP on your registered number, which you will need to input on this screen to get your profile evaluated. The Amazon app will show the “sanctioned limit within a few minutes” of completing the registration process.
“In current times, Amazon Pay Later empowers our customers to better manage their monthly spends,” said Mahendra Nerurkar, chief executive of Amazon Pay India, in an official statement.