- ICICI Bank announces first in the industry “Cardless EMI” facility
- Customers will be able to transact using just their mobile phones and PAN
- See complete benefits of ICICI Bank “Cardless EMI” facility
On Thursday, the ICICI Bank announced it is launching a Cardless EMI (Equated Monthly Installment) facility to its customers. The “ICICI Bank Cardless EMI” is a completely digital mode of transactions which can be used at leading retail stores. The facility will enable lakhs of ICICI Bank’s pre-approved customers to purchase items including gadgets and even home appliances just with their mobile phones and PAN (Permanent Account Number) in place of the wallet or bank cards.
ICICI Bank has become the first bank in the industry to introduce a completely digital and cardless EMI facility to its customers which could be used at retail stores. The bank has joined hands with Pine Labs which is a leading merchant commerce platform, to offer this facility across pan-India outlets of leading retailers.
Sudipta Roy who is the Head of Unsecured Assets at ICICI Bank said, “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.”
Roy added, “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”.
The Chief Executive Officer (CEO) of Pine Labs, Amrish Rau, said, “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.”
Let us see the Benefits of “ICICI Bank Cardless EMI”
- No-cost EMI without using a card.
- No processing fee.
- The process is completely digital, contactless and secure.
- Customers can get pre-approved limit for purchases from ₹10,000 to ₹10 lakh.
- Customers can select tenures of their choice from three to 15 months
How to avail the ‘ICICI Bank Cardless EMI’ facility:
- Select product at the store.
- Mention willingness to avail ‘Cardless EMI’ to store representative.
- Enter the registered mobile number on the PoS (Point of Sale) terminal then Enter your PAN detail, following this you will receive an OTP (One Time Password) which you will have to enter on the PoS terminal.
- The transaction gets approved at this stage instantly.
How to check eligibility for ICICI Bank ‘Cardless EMI’
ICICI Bank customers can check their eligibility for the “Cardless EMI” facility by simply sending an SMS ‘CF’ to ‘5676766’.
ICICI Bank customers can also check their eligibility on the iMobile app.