“With no additional authentications required, customers get the benefit of fast and smooth checkout (from Amazon Pay). Amazon Pay Balance helps customers store balances for essential items and solves the pain point of tendering exact amount of cash at the time of delivery.” the company said in a statement.
The company, which does not offer an online wallet based payment option, has introduced a payment option similar to how mobile wallets work. The option is, however, limited to Amazon-based transactions.
Amazon Pay Balance can be credited with money using internet banking and credit or debit card and used for multiple payment for purchases from the e-commerce portal. This feature will also enable faster refunds, as customers will receive the refund amount faster in Amazon Pay Balance than in refunds where the amount is credited to the user’s bank account or credit card.
Amazon has rebranded its Gift Card balance as Amazon Pay. The money stored in Amazon Pay balance is valid only for one year, post which it will expire – but instead of having to purchase gift cards, the customers can simply top it up directly on the Amazon website.
Amazon Pay balance statement will provide a consolidated summary of all credits (like Add balance, Gift Cards, refunds, cashback etc.) and debits transactions (like purchases, balance expiry etc.).
However, Amazon Pay balance would not be valid for buying gift cards, gold coins, or bank cards on the e-commerce portal, while users can use it for every other purchase.
The US-based e-commerce company claims to have 95 million products across hundreds of categories listed on its marketplace in India operated by Amazon Seller Services Pvt. Ltd.