Amazon Pay has announced that its Pay Later service has clocked over two million sign-ups. Launched amid the pandemic in April last year, the Pay Later enables users in India to purchase essentials and high-value items that are payable either in instalments (EMIs) or directly next month. The e-commerce company explains that Amazon Pay Later is a payment method where banks and financial institutions offer an instant credit line to customers with an easy digital sign-up process. The service has recorded over 10 million transactions with 99.9 percent Payment Success Rate, Amazon adds.
Speaking on the development, Vikas Bansal, Director at 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. Amazon Pay Later provides a seamless payment experience with in-built security features and empowers our customers to better manage their monthly spends. Two Million sign-ups are a testimony of customers’ adoption and trust to choose Amazon Pay. Amazon notes that the new milestone reflects the growing preference among Amazon customers for digital payments, along with a readily accessible credit line from banks and financial institutions that provides convenience, “safety along with unique rewards and benefits." Amazon Pay Later is designed to help customers extend their budgets for high-priced products like home appliances, electronic gadgets, everyday essentials, groceries, and even pay their monthly bills be it electricity, mobile recharges, DTH and more. Customers can avail of the option to repay by next month at no additional cost, or in easy EMIs up to 12 months at nominal interest rates through their bank accounts. Notably, several products on Amazon also guarantees cashback offers if they chose Amazon Pay Later payment method. Amazon’s offering was designed to take on the likes of LazyPay and Flipkart Pay Later.