No need for debit-credit card! This bank offers instant cardless EMI

ICICI Bank has announced a new facility for its customers – cardless EMI. It offers instant ‘cardless EMI’ facility to online purchases made on e-commerce platforms.

The service is available to the bank’s pre-approved customers.

Industry’s first

As per the statement of the bank, ICICI Bank is the first in the industry to introduce this instant cardless EMI facility for online shopping.

ICICI Bank customers can convert the transactions from Rs. 7,000 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.

Tenure

Customers can select repayment tenure of their choice from 3, 6, 9 and 12 months. The facility is available across a host of categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparels, sports-wear, education and home décor.

Tie-ups

The bank has tied up with leading digital lending platforms namely FlexMoney and ShopSe to offer this facility across 2,500 brands. The bank will add more brands to this facility in future.

2,500 e-commerce brands

”We, at ICICI Bank, had introduced an 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,” said Sudipta Roy, head, unsecured assets, ICICI Bank.