Home / Money / Personal Finance /  ICICI Bank introduces ‘Cardless EMI’ facility. Are you eligible? Check here

ICICI Bank today announced the launch of Cardless EMI facility. ‘ICICI Bank Cardless EMI’ is a fully digital mode of payment at leading retail stores. The facility enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards. ICICI Bank is the first in the industry to introduce a fully digital, cardless EMI facility at retail stores. The Bank has tied up with Pine Labs, a leading merchant commerce platform, to offer this facility across pan-India outlets of leading retailers.

“Purchasing home appliances, mobile phones and gadgets on EMI is a known consumer behaviour in India. We have seen large number of consumer durables are purchased by using EMI facilities on credit and debit cards. In order to provide further convenience, we are introducing the ‘Cardless EMI’ facility so that the customers can transact just by using mobile phone and PAN, without even carrying their cards or wallet," Sudipta Roy, Head- Unsecured Assets, ICICI Bank said.

Amrish Rau, CEO, Pine Labs added, “The beauty of ‘Cardless EMI’ is that it is a very complex programme to develop, yet it is extremely secure. We hope this will open new consumer segments and give access to shop-now-pay-later."

Benefits of ‘ICICI Bank Cardless EMI’

  • No-cost EMI without using a card.
  • No processing fee.
  • The process is completely digital, contactless and secure.
  • Customers can get pre-approved limit for purchases from 10,000 to 10 lakh.
  • Customers can select tenures of their choice from three to 15 months

Steps to avail the ‘ICICI Bank Cardless EMI’ facility:

-Select product at store.

-Mention willingness to avail ‘Cardless EMI’ to store representative.

-Enter the registered mobile number on the PoS terminal > Enter PAN> Receive OTP > Enter OTP on PoS terminal.

-Transaction gets approved at this stage instantly.

How to check eligibility for ICICI Bank ‘Cardless EMI’

ICICI Bank customers can check their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or check the offers section on iMobile app


Sangeeta Ojha

Sangeeta is a Chief Content Producer at Livemint. Writes on personal finance, banking and real estate. She has over 12 years of experience as a journalist with television and digital media
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout