Highlights:
- Amazon customers can deposit 50000 cash in their Amazon Pay wallet including Rs. 2000 notes.
- The facility is accessible only to KYCed users currently.
- Users can log in to the Amazon app to update the video KYC and avail of this exchange service.
On May 19th, the Reserve Bank of India (RBI) decided to withdraw Rs. 2000 notes from circulation under its ‘Clean Note Policy’ directed towards ensuring the distribution of clean and high-quality notes throughout the country. It is essential to bear in mind that these notes have been withdrawn and not ‘demonetised’. The central bank, anyway, does not have the authority to demonetise any currency notes. Individuals in possession of the Rs. 2000 notes have been advised by the RBI to exchange the same by 30th September 2023.
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Getting notes exchanged or deposited at the banks can be daunting for many. The e-commerce giant, Amazon has launched an initiative wherein customers can top their Amazon Pay wallet using Rs. 2000 currency notes while placing cash on delivery orders. The wallet of the customers will be updated with the remaining change.
The tech behemoth has also highlighted that customers are permitted to deposit cash of up to Rs. 50000 per month and this amount can include the 2000 denomination notes.
KYCed customers can avail of Amazon’s cash load at doorstep service during their next COD order and hand over additional cash or remaining change to the delivery agent to add to their Amazon Pay balance. Customers can simply log in to their Amazon accounts, complete their video KYC in 10 minutes and get started with this exchange facility.
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They can then hand over the Amazon agent the Rs. 2000 currency notes while receiving their COD order. The Amazon Pay balance gets updated shortly after this. Customers can then start paying anyone, anywhere in less than a minute by setting up a UPI handle on their balance account.
Customers can use any QR code in a store to scan and pay, send money to any phone number or individual, or use Amazon Pay’s round-the-clock convenience too on all of their favourite online apps.
Vikas Bansal, Whole-time Director, of Amazon Pay India, mentioned how Amazon Pay is motivated to deliver a holistic experience to all its customers by facilitating simplified solutions and accelerating digitalised payments in India.
