Amazon India has now announced the availability of 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. The company 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. This comes after Amazon expanded the 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 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 the exchange offer is applied to the 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.
Amazon Pay EMI option now available for mobile users: Here’s how to avail EMI option on Amazon app
- To register yourself for Amazon Pay EMI option, you need to verify your identity using PAN and Aadhaar card.
- Verification will be successful after you confirm an OTP which is sent on your Aadhaar-linked contact number.
- Your credit limit will be calculated by the lending partner and will be displayed on the screen.
- You will need to link your debit card for auto repayment via the Amazon Pay EMI option.
- This credit limit can be used for multiple transactions on Amazon.