Amazon: Installment Purchases with Amazon Pay Monthly Arrive

Big and unexpected news coming from Amazon headquarters.
It has been learned in recent hours that a new payment method has been launched on the major e-commerce site: you can now also pay in installments.
At the moment, the trial has only started on the colossus’s English platform, with the official launch of the program dubbed “Amazon Pay Monthly”.
The system will show the possibility of paying for goods in installments only in specific cases: first of all, the amount of the transaction must be over 400 pounds.
At this point, the installment purchase option will appear and you can then proceed by submitting a request to this effect.
From here, a quick check by Amazon will begin to verify the customer’s creditworthiness and, if the answer is affirmative, the actual installment process can be concluded.
The amount can then be divided into a maximum of 48 monthly installments, and no more.
As for the interest rate applied to this type of operation, it is learned that it is 16.9%.
The “Amazon Pay Monthly” installment purchase program is therefore currently being tested only in England; in the event of a positive outcome for the initiative, this option will be extended to the rest of the world, subject to the aforementioned conditions of a minimum amount of 400 pounds and customer creditworthiness criteria.

The objective is quite clear and evident: with this move, the Amazon staff aims to attract a segment of buyers who are more reluctant – for various reasons – to make large purchases.
The online sales giant seems to want to become an accredited and strong reference point also for sales involving higher figures, rather than “settling” for managing to sell (more than well, it must be said) items of lesser economic value.
A strategy that is part of the objective of establishing online shopping as a way to source any type of goods, for any possible amount.