Pune (Voice news service):- Kotak Mahindra Bank (“KMBL”/ “Kotak”) today announced the launch of Cardless EMI (Equated Monthly Instalments) Payments on Amazon Pay, to provide its pre-approved customers easy access to instant consumer finance*, with just their Mobile Number and PAN (Permanent Account Number).
The strategic association with Amazon Pay focuses on providing easy credit access and a seamless payment experience to customers, further enhancing their shopping experience this festive season. Shoppers on Amazon.in can now convert their high-value purchase of Electronics, Furniture, Lifestyle, and Apparel into convenient monthly EMIs, without using debit card, credit card, or even UPI.
EMI makes it possible:
1. New to credit customers showing greater preference for consumer finance as it is a short-term loan which fulfils aspirations, as well as helps build credit history
2. Consumer finance is one of the most popular product among retail loan offerings
Mr Amit Pathak, Business Head – Consumer Finance, Kotak Mahindra Bank said, “We are seeing Emi-sation of big ticket transactions, with strong interest from new to credit customers. EMI transactions have risen in popularity as they make consumer finance affordable than ever before. Customers prefer to pay in EMI as long as the process or experience is hassle-free. We are making EMI transactions convenient than ever before for our customers with the Cardless EMI payment option on Amazon during the festive season.”
Mayank Jain, Director – Credit and Lending for Amazon Pay India, said, “The introduction of Cardless EMI in partnership with Kotak Bank aims to provide better credit access for customers. This initiative will further enhance the affordability and convenience of online shopping for customers across India, especially during the festive period. At Amazon Pay, we remain committed to innovate and offer convenient, inclusive, affordable and rewarding digital payment for our customers.”
How to pay using Cardless EMI:
Step 1 – On checkout page, in the payment options, under EMI, choose Kotak Cardless EMI and select a tenure
Step 2 – Add your PAN details
Step 3 – Authorise the transaction by entering the OTP
