Tuesday, 18 September 2018

Amazon Pay EMI has been rolled out, Here's How It Works

Amazon India has rolled out a new payment method called Amazon Pay EMI for its mobile users. The cardless mode of payment gives users instant credit, and lets them pay via EMIs using their debit cards, at low interest rates. 

For the latest payment option, Amazon India
has partnered with Capital Float to let users link their debit cards and pay instalments automatically. On the app, Amazon has highlighted HDFC Bank, ICICI Bank, Canara Bank, Citi Bank, and Kotak Mahindra Bank as eligible banks. With Amazon Pay EMI, users can make payments in instalments - ranging from up to 3 months to 12 months. 

Amazon Pay EMI is an invite-only program for now, 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. 

To register for Amazon Pay EMI, the user needs to verify their identity using PAN and Aadhaar card details. Verification needs to be completed by confirming an OTP sent on the Aadhaar-linked mobile number. After completing verification, customers will be instantly provided credit limit of up to Rs. 60,000. This credit can be used for multiple purchases on Amazon, and interest will be charged on instalment facility. The user is then required to link their bank account/ debit card/ or net-banking for auto repayment in EMIs that will be ascertained, based on the product in question. 

In its terms and conditions, Amazon noted that the Amazon Pay EMI can be availed only for single item purchases with a minimum purchase value of Rs. 8,000. The Amazon Pay EMI will not be available when exchange offer is applied on purchase, and the linked account needs to have a sufficient amount that covers the cost of purchase. 

For Amazon Pay EMI to work, users must ensure that the Amazon Pay balance should be unchecked on the payment selection page. The Amazon Pay EMI option is currently available only for mobile users, and customers can track their EMI order history, repayment history and pending dues through Amazon Pay homepage.

No comments:

Post a Comment