Amazon India now offers instant credit to users with Pay Later service

Amazon Pay Later is the rebranded version of the Pay EMI service. Here’s everything you need to know about Amazon’s new buy-now-pay-later service.

Amazon Pay Launches Amazon Pay Later (REUTERS)

Amazon India is starting a new service under which users can pay for the items they purchased on the e-commerce platform later. Called "Pay Later", Amazon has partnered with Capital Float and Karur Vysya Bank for the new credit service.

The service is a rebranded version of Amazon's existing Pay EMI service. "Once the setup is complete, you can avail Amazon Pay Later payment option during checkout on Amazon.in and pay later next month or over EMIs ranging from 3 to 12 months. You can easily track your purchases, repayments, and limits history from a simplified dashboard for this payment mode," according to Amazon's FAQ.

Amazon Pay Later currently has three, six, nine, and 12 month EMI options. In addition, customers have the option to pay next month. Customers can avail up to ₹60,000 in credit depending upon the eligibility. One can register for Amazon Pay Later through the official registration website. You will also need to complete the KYC process to get started.

Amazon will offer an instant credit line to customers to purchase essentials, electronics, fashion, groceries and pay their monthly utility bills. There are some exceptions such as jewelery, Amazon Pay Gift Card and Amazon Pay balance top-up, and products from Amazon Global Store or Out of Country or Overseas Merchants among others.

Amazon's new Pay Later service is very similar to small credit services platforms such as LazyPay and Simpl. Of late, smartphone companies such as Xiaomi (Mi Credit) and Realme (Realme Paysa) have also launched credit services in India. Oppo has also announced "Oppo Kash" service for the Indian market. Flipkart also has buy-now-pay-later service called "Pay Later" which offers instant credit of up to ₹5,000.