Mumbai. ICICI Bank today announced that it has launched an instant ‘Cardless EMI’ facility for online purchases on the e-commerce platform. This facility makes the process of buying expensive products affordable and easy for lakhs of pre-approved customers of the Bank, as they can avail products or services through Equated Monthly Installments (EMIs) in a few clicks using their mobile phones and PAN. Can buy online instantly. Customers can convert transactions up to Rs 5 lakh into easy monthly installments by entering their registered mobile number, PAN and OTP (received on mobile number) in the check-out section of the e-commerce website or app. This facility can be availed in many categories like electronics, home appliances, laptops, mobile phones, travel, fashion wear, sports wear, education and home decor.
ICICI Bank is the first bank in the industry to introduce convenient and instant cardless EMI facility for online shopping. Seven months after introducing the same facility at the retail store, it has started the same service at the retail store. The bank has tied up with leading digital lending platforms to offer this facility across 2,500 brands including FlexMoney and ShopSe. The major brands are Bata, Bajaj Electricals, Career Launcher, D Decor, Decathlon, Duroflex, Flipkart, HealthifyMe, Henry Harwin Education, Curl-on, Lenovo, Lido Learning, Myntra, MakeMyTrip, Morphy Richards, Nokia, Only, Panasonic, Pristine Care, Raymonds, SimpleLearn, Tata Cliq, Think and Learn, Topper, Vedantu, Vero Moda, Vijay Sales and Urban Ladder. The bank will add more brands to this facility in future.
Shop from over 2,500 e-commerce merchants and brands
Elaborating on the new facility of the bank, Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “At ICICI Bank, we believe in providing innovative, convenient and hassle-free products to our customers. With this thought in mind, we launched the ‘Cardless EMI’ facility for retail stores last festive season to help our customers buy the products of their choice in a completely contactless, digital and secure manner. Driven by the encouraging response, we have now expanded the convenience of online shopping. With this, our customers can shop from over 2,500 e-commerce merchants and brands using just a mobile phone and PAN. The new offering improves the buying ability of millions of our customers as they can buy high value products on EMI and in a secure, convenient, quick and digital manner.”
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Multi-category merchants can shop on the network
Yezdi Lashkari, Founder and CEO, FlexMoney Technologies, said, “We are delighted to partner with ICICI Bank. This is how we enable the Bank’s customers to shop with ‘Cardless EMI’ at their preferred e-commerce merchants and brands. We agree with ICICI Bank’s vision that the future of Purchase Finance will be a hassle-free integrated and cardless digital credit checkout experience for the consumer. FlexMoney’s InstaCredit platform offers ICICI Bank customers a seamless and secure merchant integrated checkout experience to shop across our multi-category merchant network.
Excited to provide best in class EMI solution
Mr. Pallav Jain, Co-Founder and CEO, Shop-Se said, “At Shop-Se, we are excited to provide best-in-class EMI solutions to our merchant partners and customers. Hence, we are proud to have the opportunity to partner with ICICI Bank on their innovative and first of its kind cardless EMI product. It is a pleasure to work with the ICICI Bank team, which thinks about the buying experience very critically.
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Benefits of using ‘Cardless EMI’ for online shopping
• Digital and Instant Processing- Customers can avail EMI facility in a completely digital, instant and secure manner.
• Wide Transaction Limit- Customers can get a pre-approved limit for purchases of Rs.7,000 to Rs.5 lakh.
• Flexible Tenure- Customers can choose the tenure of their choice from 3, 6, 9 and 12 months.
• Special Facility- No other bank in India provides this facility.
• Wide range of categories – This facility is available across 2,500 e-commerce brands across electronics, home appliances, laptops, mobile phones, travel, fashion, sports-wear and home decor.
Process to opt for ICICI Bank’s Cardless EMI facility
• Log on to the website/app of any of the 2,500 e-commerce brands.
• Select the product or services, select ‘Cardless EMI’ as the payment option.
• Enter registered mobile number, enter PAN, enter OTP.
• At this stage the transaction is approved immediately.
ICICI Bank customers can check their eligibility for ‘Cardless EMI’ for online purchases by sending SMS ‘Cardless’ to 5676766 or check the offers section on the iMobile app.
To know more about ICICI Bank Cardless EMI visit- https://www.icicibank.com/Personal-Banking/loans/cardless-emi/how-it-works-online.page?#toptitle