Amazon Pay Later in India has 2 million customers since the service launched last year, with over 10 million transactions that have a near 100 percent payment success rate.
The credit service was launched in April 2020 specifically for Amazon India customers and lets shoppers pay in monthly installments and is hoping to counter rivals like LazyPay and Flipkart Pay Later, according to Gadgets 360.
“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, per Gadgets 360.
The Amazon Pay Later solution gives shoppers the ability to pay later with a credit limit of up to Rs 20,000 and is available for most merchandise available for sale on the marketplace. In addition to merchandise, Amazon Pay Later also allows people to make installment payments for utility bills. The service uses third-party lending partners Capital Float and IDFC First Bank.
Amazon Pay launched Pay Later in April 2020 to enable repayment as long as 12 months. The eCommerce giant also teamed with Indian Railways to speed the fulfillment of essential goods to a larger population.
Amazon Pay Vice President Patrick Gauthier told PYMNTS in a September 2020 interview that merchants looking to operate in the new retail ecosystem that was fueled by the pandemic needed to address roadblocks.
Last October, Amazon India rolled out the ability to pay credit card bills, joining PhonePe and Paytm. Amazon also partnered with the digital insurer Acko General Insurance in July 2020 to offer auto insurance in India.