Amazon India has now announced the availability of a new payment method called Amazon Pay EMI for its mobile users. The card less mode of payment gives users instant credit, and lets them pay via EMIs using their debit cards, at low interest rates. The company has partnered with Capital Float to let users link their debit cards and pay installments 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 installments - ranging from up to 3 months to 12 months. This comes after Amazon expanded availability of debit card EMIs to ICICI and Axis Bank users last week, after making it available for HDFC Bank users earlier this year.
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 installment 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.
Once registered, users can avail this option on checkout of products worth more than Rs. 8,000, and less than the prescribed limit. The limit is ascertained on the basis of information already available with Amazon, users' credit bureau history, and more. Amazon notes that the lending partner decides the credit limit, and not the e-commerce giant. Furthermore, jewelry, gift card, Amazon Pay balance top-up, or products from Amazon Global Store cannot be purchased using Amazon Pay EMI. The e-commerce giant notes that the Amazon Pay EMI invites will be rolled out to more users over the next few days, and as part of the launch offer, Amazon is offering its customers No Cost EMIs on three and six month tenures.
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