bengaluru global tech giants riding the digital payments wave in india are now making steady strides into lending if google announced early entry into lending through google pay now its turn for amazonamazon which operates amazon pay a digital payments instrument is starting off amazon pay emi for its ecommerce customers in india mainly to target that section which does not have a credit card and cannot access emis on debit cardshaving partnered with bengaluru based digital lending startup capital float the company is starting off easy emi options for purchases on its ecommerce platform for a select group of customers advt our aim is to target the next 70 million customers who are deprived of credit options while shopping on amazon they will be significantly benefitted by these easy emi options especially with the festive season round the corner said vikas bansal director emerging payments at amazon paybansal said that while the size of the population doing online shopping in india is around 100 million around 10 million have credit cards and another 20 million use either bajaj finance or debit card emis the target for amazon pay emi is the next 70 million and the incremental customer basethe advantage that amazon can bring in is the huge customer base that we already have here hence customer acquisition cost will be lower and we can pass off better rates to good borrowers said bansal also we will use our machine learning capabilities to reduce frauds which will also make loans cheaperamazon claims to be offering zero cost emis for customers taking the loan for a duration of three and six months for those opting for the duration of nine and 12 months the rate of interest will be 18while offering a complete digital onboarding process it will also allow amazon customers to track their repayment history on the amazon pay dashboard thereby increasing their conveniencewe are starting the product with offering credit limit to customers in the range of rs 30000 to 60000 with plans to extend the upper limit slowly over time he saidamazons foray into emi comes at a time when its biggest rival in india flipkart is pushing very hard on the debit emi product where customers with debit cards can get emis on select purchases while amazon also has a debit card emi option but that is restricted to customers of banks like icici bank hdfc bank and axis bank with this product they are trying to push higher adoption of their own payment instrument and also bring in more people into the digital fold advt bansal said that comparing india with china the number of people with access to credit is dismally low here while in china 750 million people have access to credit in the united states the number ranges around 300 million for india to move into a higher purchasing power bucket there is need for innovative means of delivering quick and easy credit to shoppersas of now amazon claims to have