Key Highlights
- Amazon Pay introduces a doorstep cash collection service for Rs. 2,000 banknotes
- Customers can hand over Rs. 2,000 notes to delivery agents during Cash-on-Delivery orders
- The collected amount is deposited as an Amazon Pay balance for digital transactions
Amazon Pay has launched a new service that allows customers to have their Rs. 2,000 banknotes collected from their doorstep. This initiative provides an alternative for individuals who wish to hand over these notes that will be phased out of circulation later this year. The Reserve Bank of India recently advised holders to turn in their eligible notes at banks as the bank would be withdrawing all Rs. 2,000 notes. Also Read | Want To Make Paytm UPI Payments To Non-Paytm Users? Here’s The Trick
Relief For Concerned Individuals
Following the announcement, many people rushed to banks to submit their Rs. 2,000 notes. However, some individuals resorted to using these notes for transactions, such as at petrol pumps and for online food orders. Unfortunately, due to the unprecedented influx of these banknotes, many stores refused to accept them. In response, Amazon Pay has introduced its new service to alleviate concerns regarding the disposal of Rs. 2,000 banknotes.
Cash Load At Doorstep Service
The new service, called ‘cash load at doorstep,’ allows customers to provide additional cash in the form of Rs. 2,000 banknotes to delivery agents during Cash-on-Delivery orders. The customer’s Amazon Pay balance will be credited with the amount collected, allowing them to use their notes for online purchases. The balance can be used for mobile and DTH recharges, bill payments, and shopping on the Amazon platform.
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KYC Compliance And Increased Convenience
To access this service, Amazon requires customers to comply with the KYC guidelines. In other words, customers must have a verified Amazon Pay account through the KYC system. Achieving KYC compliance involves requesting video KYC, which Amazon states can be completed in just 5 to 10 minutes. Additionally, Amazon Pay allows users to top up their account balance up to Rs. 50,000 per month, which surpasses the maximum limit that banks can accept at one time. According to RBI guidelines, individuals can submit a maximum of Rs. 20,000 in Rs. 2,000 notes during a single transaction.
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