ICICI Bank announces the launch of ‘Cardless EMI’ facility

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ICICI Bank announces the launch of a fully digital ‘Cardless EMI’ facility at leading retail stores. The facility will be available to lakhs of pre-approved customers of the bank. They can make payments after shopping their favourites items with the registered mobile number, PAN, and OTP (generated at the time) at the retail outlets. ICICI Bank claims to be the first lender to introduce the cardless, fully digital EMI facility at retail stores.

Sudipta Roy, Head- Unsecured Assets, ICICI Bank, said that the bank strives to give its customers the best experience and to make banking hassle-free. They are providing innovative products to enhance customer convenience. The lender observed that a large number of consumer durables are bought using EMI facility using credit or debit cards. With the ‘Cardless EMI’ facility the customers don’t have to carry their wallet or card to the store, all they need is their mobile. He added that the lakhs of pre-approved customers could now purchase products of their choice digitally in a secure manner and completely contactless.

The bank has joined with the leading merchant platform, Pine Labs, for the project. The facility would be available across pan-India outlets. The customers can avail this facility at all the leading retail outlets like Reliance Digital, Croma, My Jio, and Sangeetha on the purchase of electronics from brands such as Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, etc. Soon the bank will add more retailers and brands.

Some key benefits of the ‘Cardless EMI’ service are: completely contactless no-cost EMI on top brands products at selected stores, there is no transaction cost, the process is completely digital and secure, has wide transaction limit, flexible tenures from three to 15 months, this is exclusively for ICICI bank customers.

During payment, all the customer needs to do is to check for the Cardless EMI option at the retail store, and when the retailer initiates the process at the POS terminal, he/she should share their mobile number and enter the PAN, and OTP received on the registered mobile.

Amrish Rau, CEO, Pine Labs, commented that the ‘Cardless EMI’ is a cutting-edge technology initiative with a very complex program but it is extremely secure. He hopes this would open new consumer segments and more Pine Labs merchants across the country would get access to shop-now-pay-later.

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