Private lender ICICI Bank has launched a fully digital mode of payment at leading retail stores. Titled as ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility will help lakhs of its pre-approved customers in buying their favourite gadgets or home appliances with the help of their mobile phone and PAN.
For this facility the bank joined hands with Pine Labs, merchant commerce platform, to offer this facility across pan-India outlets of leading retailers namely Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles.
Buyers can simply convert the high-value transactions into easy, no-cost monthly instalments by furnishing their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at the retail outlets.
ICICI Bank is the first lender in India to introduce a fully digital, cardless EMI facility at retail stores.
Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “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.”