Amazon Pay and HDFC Bank partner to enable EMI on Debit cards
Amazon India has announced EMI on Debit Cards in partnership with HDFC Bank. HDFC Bank customers can avail payments via EMI (Equated Monthly installments) without the need to make upfront payment on purchases over INR 10,000. With this partnership, Amazon.in is looking to make shopping more affordable by expanding coverage of financing beyond credit card holders allowing access to a larger set of customers to buy high value items on Amazon.in.
Debit Card EMI allows any eligible customer of HDFC bank to avail pre-approved loans and pay using monthly installments without needing to pay any amount upfront. Millions of pre-approved Bank customers stand to benefit from EMI on Debit cards.
“With the introduction of Debit card EMI we are expanding our existing EMI offerings to include a large number of customers who use Debit cards and want to pay for their purchases later via EMIs. Customers with HDFC debit cards can now use this offering and make purchase decisions instantly without the hassle of saving up or delaying their purchases. We are piloting this program with HDFC Bank and continue to look for partnerships that will help us increase financing options for our customers thus making shopping more affordable.” says Mahendra Nerurkar, Director, Amazon Pay.
“This is a win-win for both HDFC Bank and Amazon.in. EMI on Debit Cards will enable us to offer different financing options for Debit Card customers for high value purchase. The move is in line with the Bank’s objective to offer enhanced convenience and experience to our customers across the range of our products and services.” said Mr Parag Rao – Country Head – Card Payment Products, Merchant Acquiring Services and Marketing, HDFC Bank Ltd.
EMI on Debit cards is currently available for millions of customers of HDFC bank who have been pre-approved to leverage this offering. Amazon Pay has simplified the shopping experience for customers by integrating this solution in the checkout flow. After adding eligible products to cart, customers can save HDFC Debit card on the payments page and select their preferred EMI option. This leads them to a bank page where they can validate the payment using One time password (OTP) and follow instructions to complete the purchase. Customers have the flexibility to repay the loan in EMIs spread over a tenure of 6, 9 and 12 months.