Amazon India is going to roll out a credit service ‘Amazon Pay Later’ which will allow consumers to buy low-ticket size products like grocery & other essentials, pay utility bills and make other required purchases on credit, with some exceptions like cash equivalent products such as jewelry, gift card, balance top-up, products from Amazon Global Store out of the country or overseas merchants, and gold and silver.
Amazong will offer its customers an option of interest-free credit for a month or like in its EMI service, convert the transaction amount into monthly installments for up to 12 months. The interest rate on EMI options would be ranging between 1-1.5% on a monthly basis.
Probab;y the best to help consumers to manage thier expense in the time of COVID-1, which has left India’s economy in turmoil with disruption across sectors leading to job cuts, liquidity crunch, and an atmosphere of uncertainty.
“In current times, Amazon Pay Later empowers our customers to better manage their monthly spends,” a TOI report quoted Mahendra Nerurkar, CEO of Amazon Pay India as saying. The report also said that the service would be launched by the end of this week.