Amazon Pay Later: Making Shopping Experience Interesting!

• June 13,2022

With modern technology and platforms comes the con of having to undergo harsh competition. No wonder companies need to keep coming up with new ideas and strategies by which they can overcome their rival companies.

You might have seen a similar case for eCommerce industries. They have been on the rise for many years, and currently, there are more than 20 million eCommerce platforms in the world. How else is one company supposed to succeed the other without curating and following the best strategies?

One such strategy is the Buy now, Pay later option. This option allows a customer to purchase something without having to pay the entire purchase sum.

Instead of paying the entire money, you pay for them at later dates by breaking the sum into smaller sums. This is the EMI system and at times, they are free of interest. This Buy now, Pay later option is mostly found in online stores ranging from clothing, electronics and medicine.

Amazon Pay Later is a great service that is being introduced by Amazon. It allows customers to buy now and pay later. One can get instant credit upto 20000 on it. Pay it next month or you can pay it on an EMI basis whichever you want.

The best part about the Amazon pay later service is that you can get an instant activation for Amazon pay later with no hidden charges or joining fees.

One can also buy products with 0% EMI and clear bills with just one click. All in all, this digital payment service allows customers to make payments on third-party websites, and applications, using payment methods associated with Amazon accounts. Now, lets have a look that how Amazon Pay Later services work and what are the benefits of having it.

Amazon Pay Later

What used to be known as Amazon Pay EMI is now labelled as Amazon Pay Later. Although some may get confused between the two terms, in reality, they are the same in their functions and benefits.

Amazon Pay Later is an easy payment option introduced by Amazon where you can instantly earn credit if you select the EMI option. This payment option is completely digital which means that once you sign up on their platform and you are considered eligible for it, you can choose this for any purchase.

In simple terms, instead of paying money as you would in a shop, you break the money into smaller amounts and pay them in monthly installments.

The EMIs range from 3 to 12 months, and the interest rates also differ with each monthly installment. In some cases, if you happen to pay the entire sum the following month, you might not have to pay any interest.

Currently, Amazon Pay Later is very selective. This means that not everyone will be able to avail the Amazon Pay Later feature and only a few selected ones. But fortunately, Amazon is working to make this feature available to everyone very soon.

Benefits of Amazon Pay Later Service

Amazon Pay Later is an easy way to get instant credit via the digital process. You need to complete the one-time setup process and it should not take more than two minutes. Also, once the setup gets complete, you can easily avail the Amazon Pay Later Payment option during the checkout.

One can even track purchases, limits, and repayments from the simplified dashboard for the payment mode. Here are some amazing benefits that one can get using Amazon Pay Later.

1. Avail the Instant Credit Limit: One can easily get an Instant credit limit from the lending partners. And, the credit limit is around 20,000 or 10,000 depending on the lending partners.

2. No Need For Credit Card: As soon as you get the approval from amazon for the pay later option then you can buy products from Amazon India and there is no need for a credit card to avail of the scheme.

3. EMI options available: One can easily choose EMI options without any hassle under this scheme. Pay next month or in the EMI range which is around 3 to 12 months.
   
   You can also keep a track of all the payments using amazon pay, Try this if you do not know how to make payment using amazon pay and cancel details on the Amazon Pay Later dashboard as well later on.

4. No Processing Charges and Cancellation Fees: While buying a new product, you do not have to worry about the processing fees as it comes under the pay later option. And, if you want to cancel any product that you have already ordered then you can do it without any worries.

5. It is a completely online payment procedure.




6. It is speedy and efficient.

7. The signing up process is also simple and takes approximately two minutes. You do not need too many paperwork done.

8. It works perfectly for those even without credit cards.

9. You only need to pay for what you purchase. No side processing, canceling, or pre-closure fees are demanded from you.

10. You might not have to pay interest in some purchase cases.

11. No extra payments to be done for on-time payments.

12. You can easily track your expenses and repayments on the Amazon EMI dashboard.

Necessary Criteria For Amazon Pay Later

If you are already dealing with a tight budget and worried about paying the bills at the end of the month then you can now pay them later using the Amazon Pay Later service. It is basically a premium service available for Amazon pay users.

In addition, Amazon Pay later helps you get instant credit on your purchases and bills. All it needs is no fuss, KYC details, and a one-time setup. That is it, you will get lifetime service access.

In short, Amazon Pay later service is fantastic for all who believe in Buying now and Paying Later scheme. Now, to use these services there are certain eligibility criteria that need to be fulfilled such as:

1. Mobile and Account Details: First of all, you need to have an account on Amazon with your verified mobile number. You can also say, Your verified mobile number must be connected to an Amazon account. If you do not have it, then go for this option first.

2. Age: If you want to apply for the Amazon Pay Later option, then you must fulfill the age criteria of 23 years. If are not completely 23 years of age then just take the help of your sister or brother to use this amazing scheme.

3. Documents: One must have a valid PAN card (Permanent account number), bank account details of selected banks, and other official documents such as a Driving license, Voter ID card, Passport, and Aadhar card.

4. Approval: Amazon offers this option for a limited set of customers. But, many people easily get approval and it all depends on their bank account statement and other factors which get decided by the lending partners.

5. If you do not have Amazon on your device, install it from the Play store.

6. You must have any one of the following documents for address proof- Voter card, Driving license, Aadhaar card, Passport, or utility bills not older than 60 days.

Once you pass all these eligibility criteria positively, Amazon will link you with an appropriate lending partner that will decide the Amazon Pay Later limit.

How can I register on Amazon Pay Later Service?

If you want to register on Amazon Pay Later then follow these simple instructions:

Pick the suitable KYC Mode:

At first, you will be shown two different modes of KYC i.e, Existing KYC and another one is OTP-based KYC.

If you choose the existing KYC option then you will have to proceed with these steps:

1. Verifying the Identity: For that, you will have to enter the missing 4 digits of the PAN card that you have used for completing the KYC for Amazon Pay Balance. And know here how to use amazon pay balance.
   
   After that, your profile will be evaluated, and Amazon Pay later limit will be determined and will get displayed to you on the next screen. Also, after the submission of details, your profile will also get evaluated.

2. Term Acceptance: Amazon Pay Later limit will get displayed on the screen along with the loan agreement. Therefore, read and accept the agreement to complete Amazon Pay later registration.

But if you are moving toward OTP-based registration then, you will have to first

1. Verify the Identity.

2. Fill in the PAN card details and click on Continue.

3. Enter your Aadhaar card number, and click continue.

Then you will receive an OTP on your registered mobile number that is linked with your Aadhar number. Enter the OTP and then just click on continue. You can also try paytm offers online for all users.

After the submission of details, your profile will get evaluated. And, the limit for Amazon pay later will get displayed on the screen. The approved Amazon pay later along with the loan agreement is visible on your screen. You need to read and accept the agreement for completing the registration. That is it!

Drawbacks of Amazon Pay Later

Mentioned below are the drawbacks of Amazon Pay Later.

1. You might get penalized if you miss paying money a month.

2. You might have an effect on your credit score if you miss on-time payments.

3. Interest rates can go high for some purchases.

Conclusion

Amazon Pay Later is a consumer-friendly payment option that all eligible users can avail. If you want to try this Amazon payment option, then you must know that you can as there are almost no risk factors behind it. If you follow their standard rules well, you will actually end up enjoying the perks of the Amazon Pay Later feature.

Many people have already approved of this Amazon payment method after trying it, so, you can try it too!

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