Amazon launches cash exchange service for Rs. 2,000 notes during COD orders

In a bid to provide convenience to customers, Amazon has launched a new service that allows users to use their Rs. 2,000 currency notes to top up their Amazon Pay balances during cash-on-delivery orders. This initiative aims to ease the hassle of exchanging high-value notes and promote digital transactions.

According to Amazon, customers can deposit cash up to Rs. 50,000 per month, including Rs. 2,000 denomination notes. The "cash load at doorstep" service by Amazon Pay will convert their high-value currency into digital funds.

"Don't stress if stores are refusing to accept Rs. 2,000 notes for payments. You can hand them over to an Amazon delivery agent during your next cash-on-delivery order," stated Amazon.

On May 19, the Reserve Bank of India announced the withdrawal of Rs. 2,000 currency notes from circulation, allowing individuals to either deposit the existing notes in their bank accounts or exchange them until September 30, 2023.

To get Amazon’s service, customers are required to complete video KYC (Know Your Customer) on the Amazon app, which can be done within 5-10 minutes. Once completed, during their next cash-on-delivery order, customers can simply give the currency notes to the delivery agent.

The updated balance will be reflected in the customer's Amazon Pay balance shortly afterward. Additionally, customers can create a UPI (Unified Payments Interface) handle on their balance account in less than a minute, enabling them to make payments to anyone, anywhere.

With the convenience and security of Amazon Pay, customers can scan and pay with any QR code in shops, send money to any phone number or person, and make payments on their favourite online apps, all available 24x7.

Vikas Bansal, Whole-time Director of Amazon Pay India, emphasised that the facility to top up Amazon Pay balances with cash handed to delivery agents at the doorstep is one of their unique services in India, specifically designed for fully KYC customers. Bansal affirmed Amazon's commitment to providing holistic experiences and simplified solutions to catalyse the digital payments revolution in India.

Through this initiative, Amazon aims to make digital transactions more accessible and provide a seamless payment experience for its customers.