Amazon Pay on Tuesday announced that it had reached two million customer users that have signed up under Amazon Pay Later.
Launched amid the pandemic last year to enable purchases of essentials as well as high-value items, allowing customers to buy now, pay next month, or in installments (EMIs).
Amazon Pay Later is a payment method where banks and financial institutions offer an instant credit line to customers with an easy digital sign-up process and has recorded over 10 million transactions at a 99.9 percent Payment Success Rate.
“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,” Bansal added.
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, and unique rewards and benefits.
Amazon Pay Later is aimed at helping customers extend their budgets for, say for high-priced products purchases like home appliances, electronic gadgets, everyday essentials, groceries, and even pay their monthly bills be it electricity, mobile recharges, DTH and more.
Users 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.