ICICI Bank is the first in the industry to introduce a fully digital, cardless EMI facility at retail stores
ICICI Bank has tied up with Pine Labs to offer this facility across pan-India outlets of leading retailers
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.