As with other services like LazyPay, customers can choose to pay the amount for the products purchased on Amazon India the following month. Alternatively, buyers can also convert the bill into an EMI at a monthly interest rate of 1.5 to 2 per cent for up to 12 months. Amazon India notably offers no-cost EMI products, effectively bringing the interest rate down to zero.
Pay Later also allows consumers to opt for credit during the lockdown to pay monthly utility bills or to buy essential goods.
Amazon has told Gadgets360 that the eligibility of credit for purchases can be as low as Re 1 and up to Rs 60,000. The company said the upper limit is based on regulations provided by the Indian Reserve Bank (RBI) and not imposed by the firm.
Users need to register for the Amazon Pay Later service, which can be done through the mobile app Amazon India. The service currently offers no desktop support. To enable Amazon Pay the customer will have to fill in the Know-Your-Customer (KYC) details. After completion of KYC, customers can check their Amazon Pay Later registration status from the Amazon Pay Dashboard, which can also be used to check records of transactions.