Amazon Pay has launched card-less EMIs for selected Amazon customers. Amazon Pay EMI provides instant financing options to customers who may not yet have access to credit for purchasing high value products, upto Rs. 60,000 by splitting their purchases into instalments at low interest rates. Currently, this is an invite only program and selected customers 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 marketplace.
Customers without access to credit, often find it difficult to afford high value purchases and go through the hassle of saving up or delaying their purchase. With this initiative, Amazon Pay will reach out to customers who do not have access to credit cards and consumer lending solutions, helping them afford purchases on installments. These customers can now fulfill their shopping aspirations during the upcoming festival season. Amazon Pay has partnered with Capital Float as its lending partner to design and enable Amazon Pay EMI, facility for select customers, With Amazon Pay EMI, invited customers will see an option to register for the credit facility on the Amazon Pay homepage, and upon providing their PAN and KYC details (no document uploads required), customers will be instantly provided credit limit upto Rs. 60,000/-. Interest will be charged only when customers make a purchase using this assigned credit limit and there are no processing fees or hidden charges. Customers will have an option to setup auto repayments (standing instructions) for hassle-free repayment of their monthly installments. Customers can track their EMI order history, repayment history and pending dues through Amazon Pay homepage.
“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.” said Vikas Bansal, Director, Emerging Payments
Talking about the launch, Capital float’s co-founders Gaurav Hinduja and Sashank Rishyasringa said, “Partnering with Amazon, we have designed best in class experience for customers interested in availing financing options for the upcoming festive season shopping. The process to avail the Amazon Pay EMIs is very simple and we are confident a large set of new-to-credit customers will avail this option.”