Bengaluru, April 29: In a bid to assist its customers amid this lockdown e-commerce Giant Amazon India has now launched its pay later service in the country. Under this, customers can avail instant credit so that they can buy daily essentials, electronics, and clothing items among others. Moreover, it has teamed up with Indian Railways for better reach of essential goods to customers.
Amazon Pay Later will make shopping online easier for people who do not have a credit card or enough cash in the bank at the time.
The Amazon Pay Later service also offers the option to repay in a subsequent month at no additional fees or convert large ticket transactions into monthly installments for up to 12 months. Moreover, amazon Pay Later comes with in-built security features and gives customers the option to setup auto-repayment to settle monthly bills or EMIs through the bank of their choice.
Users also have an option to repay all outstanding amounts in one go at no additional fees. Based on usage and repayment behavior they will also be able to extend their credit limit further. Customers can avail up to Rs 60,000 in credit depending upon the eligibility.
Amazon Pay India, CEO, Mahendra Nerukar said, "Amazon Pay Later is a unique service that will help customers expand their access to credit and experience the most convenient option of making payments."
Apart from this Amazon India has launched a new fund that caters to the small and medium businesses (SMBs) who are heavily reliant on the e-commerce giant for their survival. The partner support fund will help all the SMBs across India that have been financially impacted by a coronavirus, Amazon said in a statement. This fund for SMBs in logistics will be available to delivery service partners and select transportation partners in India to help adjust their business model to the "new realities" posed during the lockdown, it said.
Through the one-time disbursement, the fund will support the partners in multiple ways. This includes enabling them to provide financial aid to close to 40,000 of their staff for April 2020. Additionally, it will help cover some critical fixed infrastructure costs, and support liquidity and cash flow for these businesses as they resume and scale their operations post lockdown.