Amazon UK just launched a service called Amazon Pay Monthly, a monthly pay-back option on items worth over £400 ($590), according to the company’s website.
In a collaborative effort with Hitachi Capital, the service will enable customers to make repayment in two, three, or four-year periods, depending on the price of the item with the interest rate set at 16.9%, according to Trusted Reviews.
I must confess that the interest rate is not so bad from the perspective of a Nigerian. As a matter of fact, it is a good initiative that will even encourage people to buy expensive gadgets they find hard to buy due to their stringent budget.
And before you go wondering how to benefit from this service which is actually not a big deal, just submit to a credit check to determine if you are qualified, a process that won’t last beyond a minute, according to Amazon.
As expected, this move will make Amazon more competitive, eventually boosting its sales while others well established in the field will be put on their toes for a long time because it’s going to be a tug of war between them and Amazon, as long as Amazon exists.