Amazon Pay has collaborated with Bharat BillPay, the biller platform of the National Payments Corporation of India (NPCI), to strengthen its loan repayment facility.
Loan repayment is one of the top categories in terms of bill payment, amongst other options such as electricity and municipal tax payments, the companies said in a joint release, adding that the category facilitates loan repayment option for customers who avail of their loans through banks, microfinance institutions, and NBFCs, and need a convenient payment option to pay their EMIs on time.
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Further, customers can contribute to prepayment of their loans, over and above EMI deductions, the release said, adding that the lack of a secure digital payment platform and flexibility of payment options are the major challenges faced by customers.
Over 200 lenders, including Bajaj Finance, Cholamandalam Investment & Finance, HDB Financial Services, Home Credit, and IIFL Finance, have enrolled in the facility.
“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,” Anuradha Aggarwal, Director User Growth and CMO, Amazon Pay India, said.
Customers can select their bank or NBFC from the list and enter their loan account number and other details to pay their EMI. All bill payment transaction confirmations are instantaneous; however, some banks may require the pre-defined turnaround time (TAT) to process and accept the payment after completion of the transaction.