ICICI Bank introduces ‘Cardless EMI’ facility using mobile number, PAN and OTP – Check how it works

By: |
November 19, 2020 11:35 AM

This new digital mode of payment enables one to make purchases in easy instalments through a convenient OTP based approval process.

ICICI Bank, No-cost EMI, Cardless EMI, registered mobile number, PANOne can transact just by using mobile phone and PAN, without even carrying their cards or wallet.

ICICI Bank has announced the launch of a fully digital mode of payment at leading retail stores. Called ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards. They can convert the high-value transactions into easy, no-cost monthly instalments by simply putting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at the retail outlets. It enables one to make purchases in easy instalments through a convenient OTP based approval process.

According to the press release, the ICICI Bank is the first in the industry to introduce a fully digital, cardless EMI facility at retail stores. The Bank has tied up with Pine Labs, a leading merchant commerce platform, to offer this facility across pan-India outlets of leading retailers namely Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these stores, customers can avail the ‘Cardless EMI’ facility to purchase electronics from leading brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI. The Bank will add many more brands as well as retailers under this facility in near future.

Speaking on the initiative, 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.”


  • No-cost EMI without using a card: Customers get no cost EMI on leading brands at leading retailers without using cards
  • No processing fee: The Bank doesn’t charge any processing fee for this facility
  • Digital process: The process is completely digital, contactless and secure
  • Wide transaction limit: Customers can get pre-approved limit for purchases from Rs. 10,000 to Rs.10 lakh
  • Flexible tenures: Customers can select tenures of their choice from three to 15 months
  • Exclusive convenience: No other bank in India offers this convenience

ICICI Bank customers can check their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or check the offers section on iMobile app.

How it works?

  • Choose your favourite product at the retail outlet
  • Check for the Cardless EMI option at the retail outlet
  • Retailer initiates the process at the POS terminal by selecting the required options
  • Share your mobile number with the retailer
  • Enter your PAN and One-Time Password (OTP) that you receive on your registered mobile number
  • Successful completion of the quick process


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