Amazon Pay has announced that its Pay Later service has garnered over two million sign-ups. Launched in April last year amid the pandemic, Pay Later enables users in India to buy essential and high-value items either in installments (EMIs) or directly payable next month. The e-commerce company explains that Amazon Pay Later is a payment method where banks and financial institutions provide instant credit lines to customers with an easy digital sign-up process. Amazon said the service has recorded more than 10 million transactions with a 99.9 percent payment success rate.
Speaking on the development, Vikas Bansal, Director, Amazon Pay India, said in a statement, “We are humbled to serve millions of customers on Amazon Pay Later, and offer a virtual line of credit to customers shopping on Amazon.in. provide. Amazon Pay Later offers a seamless payment experience with in-built security features and empowers our customers to better manage their monthly expenses. The two million sign-ups are a testament to the adoption and trust customers have of choosing Amazon Pay. Amazon notes that the new milestone reflects a growing preference among Amazon customers for digital payments, as well as an easily accessible credit line from banks and financial institutions that provides the convenience, “security with unparalleled rewards and benefits.” ” Amazon Pay Later is designed to help. Customers expand their budget for high value products like home appliances, electronic gadgets, everyday essentials, groceries and even pay their monthly bills, be it electricity, mobile recharge, DTH And be many more. No additional cost, or up to 12 months in easy EMIs at nominal interest rates through their bank accounts. Notably, many products on Amazon offer guaranteed cashback if they have chosen the Amazon Pay Later payment method. Amazon’s offering was designed to take on the likes of LazyPay and Flipkart Pay Later.
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