After Flipkart launched EMI on debit cards, Amazon Pay today launched card-less EMIs for selected Amazon customers, so that they can make high value purchases even without credit cards during the festive season. This offers instant financing options to customers who may not yet have access to credit for purchasing high value products, up to Rs. 60,000 by splitting their purchases into instalments at low interest rates.
This is an invite only program currently 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, said the company.
Upon providing their PAN and KYC details (no document uploads required), selected customers will be instantly provided credit limit up to 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 partnered with Capital float for the service.
The company will soon send Amazon Pay EMI invites for select customers over the next few days, which also includes a launch offer to avail No Cost EMIs on 3 and 6 month tenures. You can check out more details on Amazon website here.
Commenting on the launch, Vikas Bansal, Director, Emerging Payments, said:
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.