Amazon does not need an introduction to anyone worldwide and its UK website created quite a buzz recently. As one may be already familiar, Amazon has added some extra features to it UK website. At the checkout point while one proceeds to make payments, a new feature has been introduced on the page which is called Amazon Pay Monthly.
Along with the earlier payment procedures like COD, Credit or Debit cards, the new option allows the customers to pay for more lavish items and large orders in segments or installments. The new concept of buy now, pay later is an innovative way to magnetize shoppers to buy expensive items and to shop in bulk.
U.K Amazon customers can pay monthly on every shopped item for more than $588 or about 400 Euros. On applying for a credit check, user will receive a response within a minute and no deposit is required. The process for this option is very fast and the first payment will be due for 30 days from the date at which the order is shipped.
This amount of 400 Euros can be spent on several items like electronics, books, etc. as long as the customer spends it at the same time. So it could be said that Amazon Pay Monthly feature is very useful for people buying large & expensive goods at a same time. The new Amazon Pay Monthly is in partnership with Hitachi.
According to a Hitachi spokesperson, if a customer buys anything from Amazon, he or she stays at the Amazon site and accesses finance options through Hitachi. The payment of purchasing goods can be paid up to four years, and the interest rate is about 17% which is slightly less than an average U.K. credit card rate of around 17.8%. It would surely be a hit in case Amazon plans to launch this feature in India as well. Fingers Crossed!