ICICI Bank also said it is the first in the industry to introduce a convenient and instant cardless EMI facility for online shopping, seven months after it launched the same service at retail stores.
ICICI Bank on Monday said it has introduced instant ‘Cardless EMI’ facility for online purchases made on e-commerce platforms. The new facility aims to enhance affordability to millions of ICICI Bank’s pre-approved customers by allows them to instantly buy products or services online through EMIs in just a few clicks by using their mobile phone and PAN.
ICICI Bank said customers can convert the transactions up to Rs. 5 lakh into easy monthly instalments by simply entering their registered mobile number, PAN and OTP (received on mobile number) at the check-out section of the e-commerce website or app. The facility can be availed across a host of categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparels, sports-wear, education and home décor.
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ICICI Bank also said it is the first in the industry to introduce a convenient and instant cardless EMI facility for online shopping, seven months after it launched the same service at retail stores. The private sector bank has tied up with digital lending platforms – FlexMoney and ShopSe – to offer this facility across 2,500 brands including Bata, Bajaj Electricals, Career Launcher, D Décor, Decathlon, Duroflex, Flipkart, HealthifyMe, Henry Harvin Education, Kurl-on, Lenovo, Lido Learning, Myntra, Makemytrip, Morphy Richards, Nokia, ONLY, Panasonic, Pristyn Care, Raymonds, Simplilearn, Tata Cliq, Think & Learn, Toppr, Vedantu, Vero Moda, Vijay Sales and Urban Ladder. The Bank will add more brands to this facility in future.
Commenting on the new facility, Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, believe in providing innovative, convenient and hassle-free products to our customers. With this thought, we had introduced instant ‘Cardless EMI’ facility for retail stores in the last festive season to help our customers to purchase products of their choice in a completely contactless, digital and secure manner. Inspired by the encouraging response from it, we have now extended the facility for online shopping. With this, our customers can shop from over 2,500 e-commerce merchants and brands just by using mobile phone and PAN. The new offering improves affordability to millions of our customers as they can purchase high value products on EMIs and in a secure, convenient, instant and digital manner.”
Yezdi Lashkari, Founder & CEO of FlexMoney Technologies said, “We share ICICI Bank’s vision that the future of purchase finance will be a frictionless, integrated, and cardless digital credit checkout experience for the consumer. FlexMoney’s InstaCred platform provides a seamless and secure
merchant integrated checkout experience to customers of ICICI Bank enabling them to shop across our multi-category merchant network.”
Online ‘Cardless EMI’ benefits
- Digital & instant process: Customers can avail the EMI facility in a completely digital, instant and secure manner
- Wide transaction limit: Customers can get pre-approved limit for purchases from Rs. 7,000 to Rs. 5 lakh
- Flexible tenures: Customers can select tenures of their choice from 3, 6, 9 and 12 months
- Exclusive convenience: No other bank in India offers this convenience ∙ Wide range of categories: The facility is available across 2,500 e-commerce brands of electronics, home appliances, laptops, mobile phones, travel, fashion, sports-wear and home décor
Cardless EMI online: Steps to follow
Here are simple steps to opt for the ‘ICICI Bank Cardless EMI’ facility: ∙
- Log on to the website/ app of any of 2,500 e-commerce brands
- Choose the products or services > Choose ‘Cardless EMI’ as the payment option ∙ Enter registered mobile number > enter PAN > enter the OTP
- Transaction gets approved at this stage instantly
Eligibility check for cardless EMI
ICICI Bank customers can check their eligibility for ‘Cardless EMI’ for online shopping by sending SMS ‘CARDLESS’ to ‘5676766’ or check the offers section on iMobile app.