Private lender ICICI Bank has introduced the instant ‘Cardless EMI’ facility to online purchases made on e-commerce platforms. As per the communique, the facility enhances affordability to millions of the Bank’s pre-approved customers, as it allows them to instantly buy products or services online through Equated Monthly Instalments (EMIs) in just a few clicks by using their mobile phone and PAN.
With the help of this service, customers will now be able to can convert the transactions up to Rs. 5 lakh into easy monthly instalments by simply entering their registered mobile number, PAN and OTP (received on mobile number) at the check-out section of the e-commerce website or app.
The facility can be availed across a host of categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparels, sports-wear, education and home décor.
Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, believe in providing innovative, convenient and hassle-free products to our customers. With this thought, we had introduced instant ‘Cardless EMI’ facility for retail stores in the last festive season to help our customers to purchase products of their choice in a completely contactless, digital and secure manner. Inspired by the encouraging response from it, we have now extended the facility for online shopping. With this, our customers can shop from over 2,500 e-commerce merchants and brands just by using mobile phone and PAN. The new offering improves affordability to millions of our customers as they can purchase high value products on EMIs and in a secure, convenient, instant and digital manner.”
Yezdi Lashkari, Founder & CEO of FlexMoney Technologies said, “We are delighted to partner with ICICI Bank and enable their customers to shop with ‘Cardless EMI’ at their favourite e-commerce merchants and brands. We share ICICI Bank’s vision that the future of purchase finance will be a frictionless, integrated, and cardless digital credit checkout experience for the consumer. FlexMoney’s InstaCred platform provides a seamless and secure merchant integrated checkout experience to customers of ICICI Bank enabling them to shop across our multi-category merchant network.”
Mr. Pallav Jain, Co-founder & CEO, ShopSe added, “At ShopSe, we are passionate about providing best-in-class EMI solution to our merchant partners and customers. That’s why we are proud to get an opportunity to partner with ICICI Bank on their innovative and first-of-its-kind Cardless EMI product. It’s been a delight working with ICICI Bank team, which is equally passionate about the experience at point of purchase.”