Amazon introduced a service that was named Amazon Pay Later. This service was introduced last year under the first wave of Corona. Although many users would know about this service, many users still would not be aware of it.
There is a lot of outcry across the country due to Corona. In the event of a lockdown, people’s pockets have been badly affected, due to which they do not buy even the necessary items. In such a situation, many users are very upset. But such a service is also such that you will be able to buy the goods you need and you will not have to pay money at once, due to which there will not be much impact on the pocket. Last year Amazon introduced a service which was named Amazon Pay Later. This service was introduced last year under the first wave of Corona. Although many users would know about this service, many users still would not be aware of it. So let’s know about Amazon’s Pay Later service.
What is Amazon Pay Later Service:
Under this service, the customer can buy any item. Under this, payment for the product will not have to be made at the time of its purchase. Rather, this payment will have to be made by the customer later. For this, the company does take some interest from the customer. But there are some selected products on which no interest is charged. For this, the customer will get an opportunity to make a payment through EMI.
Know how to make payment:
For this, the customer has to go to the option of Amazon Pay. Then tap on Pay Later option. Under this service, customers will be given an instant credit of up to Rs 20,000. EMI option will also be given on payment of more than Rs 3,000. There are no hidden charges and annual fees. Amazon partnered with Capital Float for this service.
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There are two options available:
Under the Amazon Pay Later service, customers will be given two options. The first is that customers shop this month and pay in full the next month without any extra charges. Second, customers shop this month and pay in EMIs for up to 12 months.
Here are the things you need to know to make the payment:
The billing cycle under this service is from the 16th of a month to the 15th of the next month. Payment for purchases made up to the 15th will have to be made on the 5th of the following month. For this, you will not need to remember the date of payment. You can set the instruction, and the payment will be automatically deducted through Debit Card or Net Banking. Payment cannot be made through a credit card or Amazon Pay balance. There will be no extra charge for payment made before the last date. Permission for Amazon Pay Later service will depend on the eligibility condition. It is not guaranteed.
Amazon Pay Later Service Limit:
- You can shop from both mobile and desktop platforms.
- Registration can be done mobile-only.
- To use the Amazon Pay Later service, the account must be active.
- Amazon Pay Later service is not available on purchases with the exchange offer.
- If No Cost EMI is available on all the products, only it can be availed in case of multi-carts.
How to Register:
- For this, first, you have to go to the Amazon Pay Later registration page. This has to be done through mobile. Then follow the onscreen instruction and complete the KYC.
- If your KYC is already complete, you will have to enter the last 4 digits of your PAN card.
- After this, your Amazon Pay Later limit will be decided, which will also be displayed on your screen.
- This limit will be activated shortly after registration.
- Keep in mind that for this, you need to complete KYC.
What is its Usable Limit:
As per RBI regulations, no company can give a loan of more than Rs 60,000 for a year which must be registered through Aadhaar OTP based KYC process. According to Amazon, an order placed under the Amazon Pay Later limit counts as loan disbursement, and the value of that order is counted within the RBI limit of Rs 60,000.
On which services will not get the benefit:
This service is not available for jewelry, Amazon Pay gift cards, Amazon Pay balance top-up, products purchased through Amazon global stores or overseas merchants, gold, silver, credit card bill payments. At the same time, customers will not be able to pay electricity bills through this service if more than 5 transactions are done every month. At the same time, its transaction value should be 10 thousand or more.