Amazon’s New Service Launched, Pay later, Details

Amazon Pay Later a new service launched

Amazon

Amazon is an e-commerce website that was launched for the online shopping of products and in the beginning, we never thought of it growing so much that every single individual will be dependent on the website for shopping as we all know shopping online has many pros and cons in it. The main pros being the eas of shopping we don’t have to go from place to place for buying just by a single click we can buy any product and this saves a lot of time and as we know it’s a fast-growing generation so time is a major factor for everyone, though we have some cons also for it cons are the size of the product mismatch quality issues and etc, Amazon is a well-known e-commerce website offers us return policy of the products so that solves our problems but the 2nd main con is the seller issue we have many fraud sellers out there in it even, but we don’t need to worry as per the Amazons policy.

Amazon being marketing itself for so long also introduced many other services which made our life a lot easy than before the first being the Amazon Pay services, the Amazon Pay services made a whole lot easy experience for buying a product and for using other services even, then Amazon’s Prime being an important factor in our life it gave us more convenience in life now we can buy any product without the tension of shipping charges if we a prime member so the prime feature is useful for the one who uses Amazon a lot for shopping and other services.

This year even Amazon launched another new feature for the eas of our lives the feature is an important necessity of everyone as last year Flipkart Launched a new service named Pay later in which the users were able to buy a product and pay after a month without any interest to be paid, similarly this feature was required for the Amazons user and Amazon took care of their users and launched the feature this year but the feature is not as same as of Flipkart’s but it has more features than Flipkart’s Pay later.

Amazon Pay Later

amazon pay later

Amazon Pay Later is the hassle-free way to get instant credit, via a completely digital process, for purchases using EMI on Amazon.in.You can buy Amazon Pay later to buy any product and pay later next month or over EMIs ranging from 3 to 12 months. Amazon Pay Later is offered to you by Amazon Pay (India) Private Limited (“Amazon“) and a third-party lending partner, Capital Float.  This Amazon Pay Later feature is an upgrade for Amazon Pay EMI.

Amazon Pay Later requirements are we need to have an Amazon.in account with a verified mobile number, a valid permanent account number (PAN) card, a bank account with one of the selected banks, and one of the officially valid document as address proof – Driving license, Voter ID card, Aadhaar, Utility Bills (not older than 60 days), Passport. Age must be 23 years or above. Further eligibility for Pay later is decided basis information already available with Amazon and your credit bureau history.

Availability

Amazon Pay Later is available in Mobile and Website platform for purchase, we should have an active account in Amazon. Amazon Pay Later is not available for jewelry, Amazon Pay Gift Card and Amazon Pay balance top-up, Products from Amazon Global Store or Out of Country or Overseas Merchants, Bullion (Gold and silver). Amazon Pay usable protocols are 

          Tenure                            Min. Amount                       Max. Amount                 Payable Scheme

  • 1 Month                                     0                                          10,000                   Buy now,Pay next month
  • 3 Months                                 3000                                       30,000                  Buy now, Pay in EMis
  • 6 Months                                 6000                                       60,000                  Buy now, pay in EMIs
  • 9 Months                                 9000                                                                    Buy now, pay in EMIs
  • 12 Months                               9000                                                                    Buy now, pay in EMIs

How to Apply

  1. Go to Amazon Pay Later registration page on your Amazon.in mobile App and follow simple on-screen instructions.Step 1: Chose your preferred KYC mode?You will be shown 2 modes of KYC completion:
    1. Existing KYC (shown only in case you have completed KYC for Amazon Pay Balance).
    2. OTP Based eKYC

    If you opt for Option 1, i.e. Existing KYC, you will need to follow the below steps:

    Step 1: Verify Identity

    Enter missing 4 digits of the PAN Card you used for completing the KYC for Amazon Pay Balance.

    Step 2: Accept Terms

    Now your approved Amazon Pay Later limit will be displayed on this screen along with the loan agreement. Please read and accept the agreement to complete Amazon Pay Later registration and accept the term & condition and your account will be activated within a minute.

    If you opt for Option 2, i.e. OTP based, you’ll need to follow the below steps:

    1. Verify Identity
      • Enter your complete PAN card number and click Continue.
      • Enter your complete Aadhaar number and click Continue.
      • You will receive an OTP on your mobile number registered to your Aadhaar number. Enter the OTP and click continue.
      • Post submission of details, your profile will be checked, and Amazon Pay Later limit will be displayed
    2. Accept Terms
      • Your approved Amazon Pay Later limit will be displayed on this screen along with the loan agreement. Please read and accept the agreement to complete Amazon Pay Later registration and accept the terms and condition 

 

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