Amazon Pay Later is a feature offered by Amazon that allows customers to make purchases on the platform and pay for them later, rather than at the time of purchase. This feature is similar to a traditional credit card or a buy now, pay later service.
What is Amazon Pay later Concept?
Amazon Pay Later is a fast & easy way to get instant credit for purchases on Amazon using EMI. The process is completely digital, and only takes a few minutes to set up.
You don’t need to provide credit card details. After the one-time setup, you can use Amazon Pay Later during checkout on Amazon.in & pay later next month or over a period of 3-12 months through EMIs.
You can easily track your purchases, repayments & credit limit history through a dashboard.
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Amazon Pay Later is offered by Amazon Pay (India) Private Limited in partnership with one of its partners such as Axio or IDFC FIRST Bank.
How Amazon Pay Later Works?
- Sign up for Amazon Pay Later by completing the one-time setup process, which can be found on the Amazon Pay Later page on Amazon.in.
- Once the setup is complete, the Amazon Pay Later option will be available during checkout on eligible items.
- Select the Amazon Pay Later option at checkout, and choose to pay later next month or over EMIs ranging from 3 to 12 months.
- Review and confirm the purchase and the amount you will be repaying over time.
- Track your purchases, repayments, and credit limit history through the Amazon Pay Later dashboard.
Who is eligible for Amazon Pay Later
The eligibility criteria for Amazon Pay Later can vary depending on the lending partner, but generally, it includes the following:
- The customer must be an Indian resident with a valid Indian mobile number and email address.
- You must be 23 years of age or above
- The customer must have an active Amazon.in account in good standing.
- The customer must meet the lending partner’s credit criteria and pass a credit check.
- The customer must have a Aadhar ID and PAN card.
Is Amazon Pay Later Interest Free?
Yes, Amazon Pay Later is interest free if you not use EMI option & you pay full due on next payment date.
There are no hidden fees charged by Amazon Pay Later.
Customers who do not settle their bills on time may be charged late fees.
Late Payment Fee
|Monthly Due Amt||Late Payment Charges|
|201-1,000||100 + 18% GST = 118|
|1,001-5,000||200 + 18% GST = 236|
|5,001-20,000||350 + 18% GST = 395|
|Above 20,001||500 + 18% GST = 590|
Advantage of Amazon Pay Later
There are several advantages of using Amazon Pay Later:
- Convenience: Amazon Pay Later allows customers to make purchases on Amazon.in and pay for them later, rather than at the time of purchase. This is particularly useful for customers who want to make a purchase but may not have the funds available at the time.
- Flexibility: Amazon Pay Later offers a range of EMI options, from 3 to 12 months, which allows customers to budget for their purchases and pay them off over time.
- Easy to use: The process of signing up for Amazon Pay Later is quick and easy, and can be completed entirely online. Customers can also track their purchases, repayments, and credit limit history through a user-friendly dashboard.
- No credit card required: Sign-up process for Amazon Pay Later does not require a credit card, which makes it accessible to a wider range of customers.
- No Hidden cost: Amazon Pay Later does not charge any interest or hidden costs, customers only have to pay the amount of the purchase. (Remember EMI option charge high interest)
- Wider Coverage: Amazon Pay Later is available on a wide range of products, including fashion, electronics, home, and kitchen, and also available on various sellers.
Disadvantage of Amazon Pay Later
There are also some disadvantages of using Amazon Pay Later:
- Credit check: To be eligible for Amazon Pay Later, customers must pass a credit check, and those with poor credit may not be approved.
- Late fees: If customers miss due payment, they may be charged a late fee.
- Credit limit: Customers have a limit on the amount they can spend using Amazon Pay Later, and if they exceed this limit, they may not be able to make further purchases using this payment method.
- Not available for all products: Amazon Pay Later may not available for all products on Amazon.in, and customers may need to choose a different payment method for some items.
- Limited to Amazon: Amazon Pay Later can only used on Amazon.in, so customers will need to use a different payment method for purchases made outside of Amazon.
- No cashback or rewards: Amazon Pay Later does not offer cashback or rewards like some other credit card or cashless payment methods.
Amazon Pay Later Customer Care
Lending Partner Contact Detail
Axio – Call Center – 080-68075001 – Email – firstname.lastname@example.org
IDFC First Bank – 1860 500 9900 – Email -email@example.com
In conclusion, Amazon Pay Later is a convenient and flexible payment option for customers who want to make purchases on Amazon.in & pay for them later.
Credit limit may be lower than what customers would get with a traditional credit card or loan, and the cost of the EMIs may be higher.
Overall, customers should carefully consider their financial situation and assess whether Amazon Pay Later is the right payment option for them.