What is Amazon Pay?
Amazon is one of the most exemplary e-commerce online platforms and has been in the market for many years. It is one of the best sites that offer all types of products to its clients in one place keeping in mind the quality and brand. Further, to provide easy and convenient shopping to its users, Amazon launched their UPI payment gateway called Amazon Pay, and has grown to become one of the seven top UPI apps for secured payment.
What is Amazon Pay Later?
Amazon Pay Later is the best way to get instant credit digitally for buying anything on Amazon. In other words, it is a replica of the ‘Buy now, pay later’ model. However, the instant credit offered by Amazon is up to 60,000 and is only for purchase on Amazon. You can use this feature for shopping during the Amazon Great Indian Sale. The best part of this Amazon Pay Later service is individuals can also use its credit to pay bills like water, mobile bills, electricity, etc.
How Does Amazon Pay Later India Works?
As you know that Amazon is an e-commerce site and cannot extend credit facilities to its customers. That means it is credited by its partner, CapFloat Financial Services Private Limited, a non-banking financial company. Any customer can avail of this service and can quickly pay the entire amount next month, or it can pay in 3 to 12 months EMIs. However, the best part is the individual doesn’t have to bear the interest cost.
To enter or take the credit from Amazon, you have to complete a one-time setup process that only takes a few minutes from your precious time. Moreover, to complete this process, the individual doesn’t have to enter their credit or debit card details on the site.
Steps to Complete Amazon Pays Later Registration
Amazon Pay offers this facility to their customers on the checkout page on their website. Also, they have the option to register via a mobile app.
The registration is just a 3-step easy process-
- Complete your KYC and verify your identity
- Accept the terms and conditions
- Set-up auto-repayment option
However, if you have done KYC with the Amazon Pay balance, you can skip that option and move forward. Keep one thing in mind while doing KYC, it must be Aadhaar based on OTP verification. If you are planning to go for physical KYC, it will surely take some time, and you cannot make an instant purchase.
After that, the customer also needs to share its PAN number as Capital Float will check your credit history and then decide. Also, you have to show your address proof. The accepted documents by Amazon Pay Later are voter ID, Driving license, Aadhaar card, etc. These are similar to the detailed steps to complete Amazon Pay KYC.
Advantages of Amazon Pay Later
- There are no pre-closure charges
- Shop anytime and pay later
- The customer doesn’t have to pay any processing or cancellation fee
- The checkout process is seamless with the Amazon pay later option
- Can easily track your expenses and repayments
Eligibility Criteria For Amazon Pay Later
Amazon, the best e-commerce site, always wants to be with its customers. That’s why they make every process easy and quick. To be eligible for Amazon Pay Later, you must have a verified account with a verified mobile number, a valid PAN card, and a bank account with any selected banks.
Apart from that, if you look at the documents, then customers must have any of the below valid documents like: –
- Address proof in the form of driving license, Aadhaar card, utility bill must not be older than 60 days, passport, etc.
- Talking about the age, the customer must be 23 years or more. Further decisions are taken by your credit history and information available with Amazon.
Where Can Customers Use Amazon Pay Later Credit?
Amazon Pay Later can be used for online shopping and bill payments on Amazon. So, check out the latest Amazon sale offers and start wishlisting your product without any worries about the payment.
However, Amazon India clearly states that customers cannot use Amazon Pay Later to buy gold, silver or any other jewellery. You are not allowed to make any international purchases. Further, it cannot be used to buy an Amazon Gift card or transfer money to the Amazon pay balance.
Overall, the instant credit amount can only be used to buy products from the Amazon platform or pay utility bills. So, make full use of Amazon Pay Later India and start your shopping today.
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