Amazon, the online marketplace, has announced a new credit service called Amazon Pay Later in India, a move expected to take on Reliance Jio opening up online services in association with Facebook.
Amazon service offers customers an instant zero-interest credit on any of the listed products on Amazon India and even allows them to repay it in monthly instalments up to 12 months.
Customers can choose to pay the amount for the products purchased on Amazon India in the subsequent month, much like other services like LazyPay.
Alternatively, buyers can also convert the bill into an EMI up to 12 months at a monthly interest rate between 1.5 to 2%. Notably, Amazon India offers products with no-cost EMI, effectively bringing down the interest rate to zero.
Pay Later also allows consumers to opt for credit for paying monthly utility bills or purchase essential products during the lockdown.
In future Amazon is surely going to allow kirana stores to use this facility. They will first test this on there own website and later on allow local kirana to on-board. Its just a matter of time.
Amazon pay would be applicable only on purchases on their website.
Meanwhile, Amazon Pay Later service is identical to Bajaj Finserves’ #JustEMI which is available in local stores. Last October, Bajaj Finserve launched this product to redefine shopping experience for customers. This service enabled customers to avail instant financing options when they shop on the Bajaj Finserv EMI Network or from any of the 90,000+ retailers spread across more than 1,800 cities in India, using their EMI Network Card.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.