Amazon India offers zero-interest credit

BENGALURU: Amazon India will give zero-interest credit to customers to buy products on its platform or pay bills, partnering lenders Capital Float and Karur Vysya Bank for the initiative.

The company has followed in the footsteps of rival Walmartowned Flipkart and a slew of smaller startups such as LazyPay, Simpl and ePayLater to launch a ‘buynow-paylater’ product of its own.

Vikas Bansal, Director – Financing and Lending, Amazon Pay India, said the launch comes at a time when consumers are extending their budgets due to the impact of the Covid-19 pandemic.

Director – Financing and Lending, Amazon Pay India
The service will allow consumers to purchase essentials on Amazon’s platform. “The Pay Later offering gives you an instant credit line which you can use to either pay small payments and avoid any friction, or you can also extend your budget paying in instalments for larger ticket purchases,” Bansal said.

On average, customers on Amazon will be eligible for credit lines of up to Rs 15,000 which they will be able to pay after 45 days of availing the service.