tech2 News Staff Sep 24, 2018 21:01 PM IST
As a part of an invite-only program, Amazon has launched a card-less EMI option for its customers where the e-commerce giant will provide select users with instant credit allowing them to purchase high-value products by splitting their purchases into instalments at lower interest rates.
Who are eligible for this program?
It must be remembered that it is an invite-only program. Selected customers have to register themselves to the program and will see money getting credited to their Amazon Pay account that will enable them to make high-value purchases on on the shopping website. According to Amazon, users will be provided a credit limit up to Rs 60,000. The instant credit service has been launched in partnership with Capital float keeping the upcoming festive season shopping in mind.
How does one go about it?
Amazon Pay EMI can be availed by first registering to the facility on Amazon Pay's homepage.
For this the user has to provide their PAN card and KYC details. Following this, users will get an instant credit of Rs 60,000 on Amazon Pay.
On making a purchase, there will be no transactional charges or processing fees. Once the purchase is made within the assigned credit limit, the user can either make instalment payments or set an auto-repayment which will automatically repay the monthly instalment on the user's behalf.
Users can further track the status of their purchases on Amazon Pay’s home page.
“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.