Amazon Pay is planning to strengthen its Loan Repayment category. As part of its effort to enhance customer experience and safety, Amazon Pay has collaborated with Bharat BillPay. The company claims that the Loan Repayment category is one of the top categories in terms of bill payment amongst other options such as Electricity and Municipal Tax.
What the Loan Repayment category
This category facilitates a loan repayment option for customers who avail their loans through banks, microfinance institutions, and NBFCs and need a convenient payment option to pay their EMIs on time. Furthermore, customers can contribute to the prepayment of their loans, over and above the EMI deductions.
The category is enrolled with more than 200+ lenders, including Bajaj Finance Ltd, Cholamandalam Investment & Finance Company Ltd, HDB Financial Services Ltd, Home Credit, and IIFL Finance amongst others.
To access this, customers can visit the Amazon Pay section and click on the Loan Repayment option. Alternatively, they can also click on the ‘Pay Bills’ option available on the Amazon app’s home screen and thereafter choose the Loan Repayment option to pay their EMIs.
How to avail of Loan Repayment on Amazon Pay
To avail of this category on Amazon Pay, customers can select their bank or NBFC from the list and enter their loan account number or any other input required by the bank and click on the ‘Fetch EMI’ option. The information on pending loans/EMI will be displayed and the customers will proceed with the payment thereafter by selecting the payment method. All bill payment transaction confirmations are instantaneous on Amazon. However, some banks may require the pre-defined Turn Around Time (TAT) to process and accept the payment after the successful completion of the transaction.
Commenting on this development, Anuradha Aggarwal, Director of User Growth and CMO, of Amazon Pay India, said, “Our mission is to simplify digital payments for customers by creating safe, convenient and rewarding payment experiences. Some of the challenges which customers face while repaying their loans are the unavailability of a secure digital payment platform and the flexibility of payment options. Our collaboration with Bharat Bill Pay to enable and scale the Loan Repayment category not only addresses this challenge effectively but also simplifies the experience, thereby making it one of the fast-growing categories on Amazon. We will continue to provide such customer-friendly solutions and further catalyze the digital payments revolution in India.”
On this partnership, Noopur Chaturvedi, CEO of NPCI Bharat BillPay Limited (NBBL), commented, “We are delighted to associate with Amazon Pay to introduce an easy Loan EMI Repayment solution for customers, who avail loans from both traditional lenders and new-age financial institutions. With this collaboration, customers will experience a hassle-free and instant payment mechanism to pay their EMIs safely.”