ICICI Bank today announced that it has partnered with ZestMoney, a digital EMI/ pay-later platform, to expand its ‘Cardless EMI’ facility for purchases at retail and e-commerce platforms.
The partnership enhances affordability of customers of the Bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs), it said in a press statement.
How does it work?
Customers can convert transactions up to Rs 10 lakh into EMIs by simply putting their registered mobile number, PAN and OTP (received on registered mobile number) at the check-out of the e-commerce website/app or at the PoS machine in retail outlets, without using cards.
The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores.
With this partnership, the Bank’s customers will be able to use ZestMoney's wide merchant base. They will also be able to use ZestMoney’s flagship ‘Pay-in-3’ offering, where they can split the bill into three EMIs without extra cost.
ICICI Bank’s pre-approved customers can avail of the facility for the brands like Xiaomi, OnePlus, Sugar, Mamaearth, Decathlon, Boat, Yatra, Urban Ladder, Vijay Sales, Titan Eye Plus among others.
The facility can be availed across categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparel, sportswear, education and home décor.
Buy high-value products on cardless EMIs
Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “With this partnership, millions of our pre-approved customers can shop from e-commerce platforms and retail merchants registered on ZestMoney by just using mobile phone and PAN. We believe, this facility provides immense convenience and improves affordability of our customers, as they can purchase high-value products on EMIs in a secure, instant and digital manner, without even carrying their cards or wallet.”
Lizzie Chapman, CEO & Co-Founder - ZestMoney said, “The Bank’s partnership will enable pre-approved cardless EMI customers to experience ZestMoney’s seamless, all-digital products and convenience. Furthermore, they can use ZestMoney’s flagship ‘Pay-in-3’ no-cost EMI to split their bills into three parts at no cost.”