Amazon made some changes in its gift card balance on Wednesday. It rebranded the gift card balance as the Amazon Pay. The company said it is the fastest method to pay for your shopping bills. It is the same process as the gift card balance. But it is different from gift wallets. There are no limits on the transactions you can make in a day. The money stored in it will be valid for a whole year. This feature is same as the Amazon Gift cards. After one year, the money stored in Amazon Pay will also expire. But there is a catch. Instead of buying another gift card, you can recharge it directly from the website.
Details about Amazon Pay
So this makes it easier for you to keep on shopping without buying gift cards every time. Even if, your card balance expires. There are more features in it. It comes in handy. You won’t have to enter the OTP frequently even if you carry on shopping for a long time. Once you recharge the Amazon Pay, you can keep shopping with a single click.
But there are some restrictions too. You cannot buy the gift cards anymore. You cannot buy gold coins or the bank cards from Amazon.in with the pay balance. Apart from these, you can use the Amazon Pay to buy any other articles they like. The Vice President of Amazon India, Sriram Jagannathan said, “We are happy to launch Amazon Pay Balance. All customers have to do is load their balance; a friction-free payment experience awaits them.”
Think carefully before recharging
The remaining gift card balance will be automatically transformed into Amazon Pay. For any refunds of cash or the delivery items, you can also use this. According to Amazon, this is a much faster way of getting a refund than a bank. But, remember that you cannot transfer money from the Amazon pay balance in your bank account. And this increases the safety of your Amazon Pay money. It is safely locked to Amazon ecosystem. The security of your money grows, but there is also a disadvantage here. Suppose you recharge Amazon pay with a significant amount. And in case you think that you will no longer need the remaining amount, you cannot transfer it. So you need to make a careful decision while recharging.
Amazon is planning to incentivize the use of Amazon pay by giving special offers. You can add up to Rs 10000 at a time. But you can make unlimited transactions. Amazon also launched the “Pay with Amazon in India.” But the two are not linked yet. It will be an interesting way for the company to expand the payment systems. Other e-commerce companies have their investing areas like UPI for Flipkart. Also, some companies have their wallets, like Snapdeal and Paytm. So let us just wait and see how Amazon Pay performs.