EMI (Equated Monthly Instalments) is the best way to buy goods online nowadays and many banks now offer this facility but now the ICICI bank is offering the Cardless EMI facility, are you also eligible for this? Check here…
According to the reports, the ICICI Bank has announced the launch of the Cardless EMI facility on Tuesday. ‘ICICI Bank Cardless EMI’ is a fully digital mode of payment at leading retail stores. The facility enables lakhs of its pre-approved customers to buy their favorite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards.
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.
“Purchasing home appliances, mobile phones, and gadgets on EMI is known as consumer behavior in India. We have seen a 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,” Sudipta Roy, Head- Unsecured Assets, ICICI Bank said.
Amrish Rau, CEO, Pine Labs added, “The beauty of ‘Cardless EMI’ is that it is a very complex program to develop, yet it is extremely secure. We hope this will open new consumer segments and give access to shop-now-pay-later.”
What are the Benefits of ICICI Bank Cardless EMI?
There is No-cost EMI without using a card and Zero processing fee. The process is completely digital, contactless and secure. Customers can get a pre-approved limit for purchases from ₹10,000 to ₹10 lakh. Customers can select tenures of their choice from three to 15 months
What are the steps to avail of the ‘ICICI Bank Cardless EMI’ facility?
First Select product at a store, then mention a willingness to avail ‘Cardless EMI’ to store representative. Enter the registered mobile number on the PoS terminal > Enter PAN> Receive OTP > Enter OTP on PoS terminal. The transaction gets approved at this stage instantly.
How to check your eligibility for ICICI Bank ‘Cardless EMI’
The ICICI Bank customers can check their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or check the offers section on the mobile app