Technology

Amazon Pay Later hits 20 lakh customer sign-ups in India

Amazon Pay logo. | Picture by special arrangement.  

Amazon Pay Later, the credit facility available on the firm’s e-commerce platform, has reached 2 million (20 lakh) customer sign-ups since its launch in India, Amazon said in a statement.

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The payment method, which was launched amid the pandemic last year offers an instant credit line to Amazon customers with a simple digital sign-up process.

Also Read | Amazon infuses ₹225 crore into payments unit Amazon Pay in India

“Amazon Pay Later provides a seamless payment experience with in-built security features and empowers our customers to better manage their monthly spends,” Vikas Bansal, Director, Amazon Pay India, said in a statement. “2 million sign-ups are a testimony of customers’ adoption and trust to choose Amazon Pay.”

The milestone reflects the growing preference among customers for digital payments, along with a readily accessible credit line that provides convenience, as well as unique rewards and benefits.

The credit line offered by banks and financial institutions, allows customers to extend their budgets for high priced products purchases like home appliances, electronic gadgets, as well as everyday essentials and groceries. They can even pay their monthly bills like electricity, mobile recharges, and DTH using the credit facility.

The payment method provides customers with the option to repay by next month at no additional cost, or in easy EMIs up to 12 months at nominal interest rates through their bank accounts. Amazon Pay Later has recorded over 10 million transactions at 99.9% payment success rate since its launch, according to the company.

Also Read | WhatsApp appoints ex-Amazon executive to head India payments division

Amazon Pay Later offers customers instant credit up to ₹20,000, along with convenient one-click payments and quick refunds. Amazon’s competitor, Flipkart, also offers a similar credit facility to its customers with an instant credit of up to ₹5,000.


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Printable version | Sep 26, 2021 4:13:34 AM | https://www.thehindu.com/sci-tech/technology/amazon-pay-later-hits-20-lakh-customer-sign-ups-in-india/article35073088.ece

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