Amazon Pay Later service to provide interest-free credit, EMI options

Amazon has launched a new Amazon Pay Later service which is a micro-credit service for eligible customers. Ealrier, the feature was eligible for select users but the company has now extended it to more users. The virtual line of credit will be available for customers shopping on Amazon.in.

The customers will have to go through a digital sign-up process for instant credit. Once the process is complete, the customer will be able to buy any product ranging from daily essentials to electronics and clothing. Customers can also use this credit to complete their bill payments on Amazon’s website.

The buyers will have two main options to repay the credit. For interest free credit, the user will have to make the payment in the subsequent month. For the other option, users will be able to make the payment in 12 months through EMIs with nominal interest rates. The credit limit will based on repayment behaviour and usage patterns.