Amazon Pay expands availability of EMIs on Debit cards

Ahead of the festive season, Amazon Pay has announced the expansion of EMIs on Debit Cards with ICICI and Axis Bank. Amazon Pay already offers EMI on Debit Card with HDFC bank and this expansion will benefit several million additional customers. These customers can now fulfill their shopping aspirations during the festival season and don’t have to wait to save up.

As the festive buying commences, this launch makes shopping more affordable for a larger set of Indian customers who want to buy high value items but don’t have credit cards. Debit Card EMIs allows eligible customers of the partner banks to shop on with installments using their pre-approved limits, removing the need to make full payment at time of purchase.

Vikas Bansal, Director, Emerging Payments, Amazon India, said, “We are thrilled by the overwhelming response from our pilot with HDFC Bank and this expansion is a step in line with our commitment to increase financing options and being the most affordable destination for our customers. The expansion on Debit card EMI offerings will now include several million more customers who use Debit cards and want to pay for their purchases later via EMIs. Customers with HDFC, ICICI and Axis debit cards can use this offering and make purchase decisions instantly without the hassle of saving up or delaying their purchases.”

Sanjeev Moghe, Executive Vice President, Cards and Merchant Acquiring, Axis Bank Ltd., said, “At Axis Bank we have always been committed to help  customers in their ‘digital journey’ through our sustained focus on making our offerings more innovative, safe and convenient and our partnership with Amazon Pay to offer our EMI on Debit Card program will further strengthen our efforts towards this aim. Along with Credit Cards EMI this offering will give another option to our customers to buy products more affordably.”

Sudipta Roy, General Manager and Group Head- Unsecured lending Cards & Payment Solutions, ICICI Bank, said, “ICICI Bank has always been at the fore-front of providing enhanced experience to its customers. As we approach the festive season, we believe this initiative will empower millions of our debit card customers to buy products of their choice and pay in easy EMIs. The move reaffirms our commitment to offer improved convenience and rich experience to our customers across the range of products and services.”

EMI on Debit cards is now available for millions of customers of HDFC, ICICI and Axis bank who have been pre-approved by their banks. These pre-approved customers don’t even need to submit any additional documents or require to keep minimum balances in their account in order to avail Debit EMI facility. Amazon Pay has further simplified the shopping experience for customers by integrating this solution in the checkout flow. After adding eligible products to cart, customers can save their Debit card on the payments page and select their preferred EMI option. Customers have to validate the payment using One time password (OTP) and follow simple steps to complete the purchase. The minimum cart value to avail Debit card EMI is INR 10,000 for HDFC bank and INR 8,000 for ICICI and Axis Bank. Customers have the flexibility to repay the loan in EMIs spread over a tenure of 6, 9 and 12 months.

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