Amazon Pay Later reaches 2 Million customer sign-ups since its launch in India

Amazon announced that Amazon Pay Later has reached the milestone of two million customers who have signed up for the service in a little over a year since its launch.

This credit service was launched specifically for Amazon India customers in April last year to make purchases of essential and high-value items by either paying the price next month or monthly installments. Amazon Pay Later was introduced as a rebranding of the Amazon Pay EMI service that debuted in 2018.

On Tuesday, June 29 Amazon revealed the total number of signs up on Amazon Pay Later has recorded over 10 million transactions at a 99.9 percent payment success rate since the launch.

Amazon promotes the service at the check-out screen as well as its online listings across both mobile and desktop versions of the online marketplace.

Vikas Bansal, Director of Amazon Pay India, in a statement said, “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.”

Amazon Pay Later allows customers to buy items via Amazon and pay at a later stage, with a credit limit of up to Rs. 20,000. This service is available for most of the items available on the online marketplace, with exceptions of cash equivalent products such as jewellery, Amazon Pay Gift Card, and Amazon Pay balance top-up, products from Amazon Global Store or overseas merchants, or bullion (gold and silver). The credit service also allows customers to make payments of their utility bills on credit.

It is important to note that the numbers released by Amazon do not reflect the number of customers transacting via Amazon Pay Later or the total amount of transactions that have taken place through the service, but just the total sign-ups to date.