Amazon Pay Later instant credit line launched in India


Instant Credit line has become popular among consumers lately, thanks to several platforms like LazyPay, Simpl, Mi Credit, realme PaySa, CRED Stash, and more offering instant credit to users. On similar lines, Amazon Pay is the newest entrant in this segment and has announced its instant credit line in India – Amazon Pay Later.

Amazon Pay Later, as the name suggests offers instant credit to users without a need of a credit card. With this instant credit service, users can purchase any product on Amazon India, make bill payments in credit and repay in the subsequent month at no additional fees, or in EMIs up to 12 months at nominal interest rates. It is to be noted that the credit limit varies from user to user.

It has been launched in partnership with Capital Float and The Karur Vysya Bank (KVB) and the sign-up process is completely digital. To get the approved credit limit, users need to enter their PAN details and complete Aadhar based e-KYC verification (through OTP) and the process should take 60 seconds, according to Amazon.

Automatic repayment facility is available as well and users can set up a one-time standing instruction using Net Banking or Debit Cards. The billing cycle will be from 16th of one month to the 15th of next month, and the total amount due will be deducted automatically on 5th of next month for all purchases done till 15th of a month.

Commenting on this, Mahendra Nerurkar, CEO Amazon Pay India said:

We are always looking for ways to improve our customers’ payments experience on Amazon.in and make purchases more affordable. Amazon Pay Later is a unique service that will help customers expand their access to credit and experience most convenient option of making payments. In current times Amazon Pay later empowers our customers to better manage their monthly spends.

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Author: Manoj Nagendra

Manoj Nagendra is passionate about smartphones and the latest technology. He likes to write and explore the latest tech and you can often find him with an Android phone. You can follow him on Twitter @manojshesh24 and also mail at manojnagendra@fonearena.com