Amazon Pay on Tuesday announced that its Pay Later service has reached milestone of 2 million customers in a little over a year. Launched in April last year, the credit service enables users to make purchases of essential and high-value items by either paying the price next month or in monthly instalments. The platform has recorded over 10 million transactions with 99.9 percent Payment Success Rate.
The US-based e-commerce giant promotes the service at the check-out screen as well as its online listings across both mobile and desktop versions of the online marketplace.
“We are humbled to serve millions of customers on Amazon Pay Later, and offer a virtual line of credit to customers shopping on Amazon.in. Amazon Pay Later provides a seamless payment experience with in-built security features and empowers our customers to better manage their monthly spends. Two Million sign-ups are a testimony of customers’ adoption and trust to choose Amazon Pay,” said Vikas Bansal, Director of Amazon Pay India, in a prepared statement.
The milestone reflects the growing preference among Amazon customers for digital payments, along with a readily accessible credit line from banks and financial institutions that provides convenience, safety along with unique rewards and benefits. Amazon Pay Later allows customers to buy items via Amazon and pay at a later stage, with credit limit of up to Rs. 20,000.
Amazon Pay Later is designed to help customers extend their budgets for high-priced products like home appliances, electronic gadgets, everyday essentials, groceries, and even pay their monthly bills be it electricity, mobile recharges, DTH and more. Customers can avail the option to repay by next month at no additional cost, or in easy EMIs up to 12 months at nominal interest rates through their bank accounts.