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Amazon introduces Amazon Pay EMI

9/19/2018 10:02:21 AMVisitors: 644

<p>Earlier this month, <strong>Amazon India</strong> introduced the Hindi interface of its mobile website and app in India. And now, the e-retail giant is introducing another interesting feature for its users in India. The <strong>Seattle-headquartered e-retailer is introducing Amazon Pay EMI</strong> for its mobile users in India. The newly introduced feature enables users to make purchases from the site without having to pay the entire amount in a single go.</p> <p>The newly introduced feature enables users to <strong>get instant credit and pay via EMIs using their debit cards</strong>. The American e-retail giant has partnered with Capital Float to let users link their debit cards to pay their EMIs automatically. Banks eligible for EMI payments include-- <strong>HDFC Bank, ICICI Bank, Canara Bank, CITI Bank and Kotak Mahindra Bank</strong>. The company says that in time it will add more banks to the list to facilitate EMI payments.</p> <p>Notably users can make payments over EMI in a time period spanning between 3 months to 12 months. But there is a catch, the Amazon Pay EMI feature is available only for single purchases above Rs 8,000. The maximum limit up to which users can avail the feature is Rs 60,000. Besides this, the company says that feature is not available on the purchases made with exchange offer.</p> <p>&nbsp;</p> <p><strong>Here's how you can register for Amazon's Pay EMI feature:</strong></p> <p>&nbsp;</p> <p><strong>Step 1:</strong> In the first step, users will have to provide their PAN card number and Aadhaar number (or any other virtual ID) for verification. The e-retailer will then send an OTP to the users' Aadhaar-linked mobile number. The verification process will be complete when users enters the OTP in their mobile apps.</p> <p>Once the users have entered the OTP, individual users' credit limit will be displayed on their mobile screens, which will be decided by Capital Float based on their credit bureau already available with the company.</p> <p><strong>Step 2:</strong> In the next step, users will have to accept their <strong>Amazon Pay EMI</strong> limit and loan agreement.</p> <p><strong>Step 3:</strong> In the final step, users will have to give their debit card details to link their bank accounts so that EMI are deducted automatically whenever the feature is used.</p> <p>At present, the <strong>Amazon Pay EMI</strong> is available for select users only. Other users will have to wait for their invite to use the newly launched feature.</p> <p>&nbsp;</p>

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