ICICI Bank has announced the launch of a completely digital mode of payment at top retail shops. Called ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility enables lakhs of its pre-authorized buyers to get their favourite gadgets or residence appliances just by making use of their mobile telephone and PAN in lieu of wallet or cards. They can convert the higher-worth transactions into straightforward, no-price month-to-month instalments by just placing their registered mobile quantity, PAN and OTP (received on mobile quantity) on the PoS machine at the retail outlets. It enables a single to make purchases in straightforward instalments by way of a practical OTP primarily based approval approach.
According to the press release, the ICICI Bank is the initial in the sector to introduce a completely digital, cardless EMI facility at retail shops. The Bank has tied up with Pine Labs, a top merchant commerce platform, to provide this facility across pan-India outlets of top retailers namely Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these shops, buyers can avail the ‘Cardless EMI’ facility to obtain electronics from top brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI. The Bank will add numerous much more brands as effectively as retailers below this facility in close to future.
Speaking on the initiative, Sudipta Roy, Head- Unsecured Assets, ICICI Bank mentioned, “We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free. 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. We believe this facility will empower lakhs of pre-approved ICICI Bank customers in the on-going festive season to purchase products of their choice in a completely contactless, digital and secure manner.”
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 at more 1 lakh Pine Labs merchants across India. We are very excited to partner with ICICI Bank on this cutting edge technology programme.”
Benefits
- No-price EMI without having making use of a card: Customers get no price EMI on top brands at top retailers without having making use of cards
- No processing charge: The Bank does not charge any processing charge for this facility
- Digital approach: The approach is totally digital, contactless and safe
- Wide transaction limit: Customers can get pre-authorized limit for purchases from Rs. 10,000 to Rs.10 lakh
- Flexible tenures: Customers can choose tenures of their option from 3 to 15 months
- Exclusive comfort: No other bank in India provides this comfort
ICICI Bank buyers can verify their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or verify the provides section on iMobile app.
How it operates?
- Choose your favourite item at the retail outlet
- Check for the Cardless EMI alternative at the retail outlet
- Retailer initiates the approach at the POS terminal by choosing the necessary alternatives
- Share your mobile quantity with the retailer
- Enter your PAN and One-Time Password (OTP) that you obtain on your registered mobile quantity
- Successful completion of the swift approach