How to Transfer Amazon Pay Balance to Bank Account?

Amazon Pay Balance 

Amazon Pay balance is a digital payment with two categories of things namely Wallet and Gift Cards. This wallet works seamlessly with all payments and even transfers the balance to your bank account. While Gift Cards is about the rewards and credit that were given to customers by Amazon they won't be transferred to a bank account.  

Amazon Pay was enabled for third-party app services in which one can book movie tickets to order food and anywhere in between like China’s WeChat and Tata Neu app for enabling all kinds of services in a single platform.  

How to Transfer Amazon Pay Balance to Bank Account?

Amazon Pay Balance will only work for those people who have completed their KYC when they register for Amazon Pay which can be identified with a UPI handle (mobile#@amazonpay). This feature enables people to transfer money from Amazon Pay to their bank account via UPI. 

To Transfer Money

• Users need to log in to the Amazon Pay and login to the dashboard,
• Now the users need to send money by clicking the send money button.
• They will be prompted to enter their bank details like IFSC code and account number.
• Now they will be prompted to pay by clicking the link before they need to enter the desired amount. 

This procedure is only for those who completed the KYC process with Amazon Pay for those who did not complete that process know how to complete the KYC process with Amazon Pay Balance below. 

How to Complete the KYC Process with Amazon Pay Balance?

The KYC (know your customer) is a mandatory process for all money-related activities by the RBI rules. As the Amazon Pay Balance works like a prepaid instrument it has to oblige by those rules.

So customers who want to enjoy this service should complete this KYC. if you completed KYC then it has benefits like a limit of 1 Lakh and a monthly cash load of 50,000 Rs per month will be allowed and finally bank transfers are also allowed. If you had not done the KYC then in 2 two years you won't be allowed to use this facility.  

To Complete the KYC Process with Amazon Pay Balance users need the following with them.

• Amazon App
• PAN Card that is not already used with another Amazon user account.
• Aadhar OTP Verification.
• UIDAI registered mobile number and possibly. 
• A bright-lit place for video KYC and location-enabled (only in India this works). 
• Clear face with no mask or face veil. 
• No VPN and stable internet connection. 

The entire video KYC will take 1 to 3 hours and once it is verified KYC will be updated within three days and users will be given a central KYC Registry with 14-digit numbers. This entire process will only be done via Amazon Pay, not through a web browser.  

How to Transfer Amazon Gift Card Balance to Bank Account? 

As we have just seen the Amazon Gift Card is part of Amazon's pay balance and it does not allow the transfer of funds from an Amazon Gift Card to the bank account. It is like a reward that enables the use of the credit that is given to the said card and the service that is part of it.

But there are four types of gift cards that Amazon gives they are Amazon Pay e-gift cards, Brand Gift Cards, Physical Gift Cards, and Anytime Gift Cards. They all have certain usage restrictions and limits. Read the full terms of them on the Amazon queries before getting one. They are exclusive to usage on the Amazon platform only 

When do Amazon Gift cards Expire? 

The Amazon Gift Cards based on their type will expire at different periods. we have given only two types and know them below. Based on your Transactions one can check the expiry of the gift card. Also, amazon will send a notification to your device before the expiry of such cards.  

Amazon Pay Balance Benefits

Amazon Pay Balance gives various benefits like cashback and coupons it also gives special offers for Amazon Prime members with 5% off Uber rides which is split into 4% in credits and 1% cash back in Amazon Pay.  

Amazon Pay offers 10,000+ apps and 99% Zero error payments when using its platform. it also offers secure service with the best information security standards of the PCI DSS. The platform is known to have given the customer a better service on the payments line.