What are the Benefits of Amazon Pay Later – An option Amazon Pay Later is the easy way to get prompt credit, for EMI purchases on Amazon.in. It is entirely a digital process. All you need is to complete a one-time setup process of less than two minutes. It doesn’t require you to provide credit card details.
As soon as you complete the setup, you can use the Amazon Pay Later payment option. At the time of payment Amazon. in and Pay Later next month or in EMIs ranging from 3 to 12 months, you can use this option. You can easily track your purchases, refunds, and limit history from a simplified dashboard for this payment method. Amazon Pay Later is brought to you by Amazon Finance India Private Limited (“Amazon”) with one of our third-party lending partners: axio or IDFC FIRST Bank.
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How Does Amazon Pay Later Work?
The post-payment service offered by Amazon is the renamed form of Amazon Pay EMI, which can be used within the Amazon ecosystem. Provides instant credit, through an entirely digital process, for EMI purchases on Amazon. In. After signing in, go to Amazon Pay and sign up for the service to use it. You should see an option to start Amazon Pay Later enrollment on this webpage. The e-KYC (Know Your Customer) process is speedy and easy for those who have already finished the KYC process for their Amazon Pay accounts. Still, others can benefit by simply uploading digital copies of their documents and checking their PAN information, Aadhaar, and phone number.
Amazon Pay Later is only available to a few people who have reached the age of 23 and have a reliable credit history. Amazon is taking steps to make it available to everyone shortly.
Benefits of Amazon Pay Later
Amazon Pay Later offers several benefits to consumers. Unlike other personal loans, it is a quick and efficient process that does not require you to submit many documents or fill out unnecessary forms and papers. It gives you an instant decision on whether or not to approve the credit.
Amazon Pay Later is especially helpful to anyone without a credit card or existing credit history, as it is not required for this BNPL option. It suits young professionals, people working in the informal sector, and anyone without access to formal funding.
Amazon Pay Later does not charge processing, cancellation, or pre-closing fees. Therefore, you only pay for your product.
Eligibility Criteria To Avail Amazon Pay Later?
- You must have a verified mobile number and an Amazon account.
- A valid permanent account number (PAN) card is required.
- Must have a bank account with one of the selected banks
- Driving license, voter ID card, Aadhaar, electricity bills not older than 60 days, and a passport are considered as the address proof.
- 23 years or more is the age limit.
- Your credit bureau history and information already on file with Amazon are used to determine your eligibility.
How To Register For Amazon Pay Later?
Open the Amazon app and go to the Amazon Pay Later registration page. Complete KYC based on four KYC options
Option 1- Existing KYC
Step 1: Verify Identity
Enter the missing four digits of the PAN Card. After submitting your information, your profile will be evaluated, and an Amazon Pay Later limit will be determined, shown on the screen.
Step 2: Accept Terms
Amazon pay later limit, and loan agreement is displayed on the screen. Now, Read and accept the deal to complete Amazon Pay Later registration.
Option-2 OTP-based eKYC
Step 1: Verify Identity
Enter your PAN and Aadhaar number and Continue. An OTP will get on your phone number registered to your Aadhaar number. Enter OTP and continue. After submission, the profile will be evaluated, and the Amazon Pay Later limit will be determined and displayed on the screen.
Step 2: Accept Terms
Amazon pay later limit, and loan agreement is displayed on the screen. Now, Read and accept the deal to complete Amazon Pay Later registration.
Option-3 Existing KYC with a lending partner
Step 1: Verify Identity
OTP will be sent to the recorded phone number with the Lending Partner. Enter the missing four digits of the PAN Card you use to complete the lender’s KYC. After submission of OTP, the lender will evaluate your profile and determine your Amazon Pay Later limit, which will be shown on the screen.
Step 2: Accept Terms
Amazon pay later limit, and loan agreement is displayed on the screen. Now, Read and accept the agreement to complete Amazon Pay Later registration.
Option 4, CKYC
Step 1: Verify Identity
Answer a few questions about basic KYC information and consent to the KYC details displayed from CKYCR. After submission, the lender will evaluate your profile and determine your Amazon Pay Later limit, which will be displayed on the screen.
Step 2: Accept Terms
Amazon pay later limit, and loan agreement is displayed on the screen. Now, Read and accept the agreement to complete Amazon Pay Later registration.
Conclusion
Amazon Pay Later is a trusted payment service; even adding your KYC only takes a few simple steps. However, you should check how many sites they accept before signing up if you are not an Amazon user.