ICICI Bank on Thursday announced that it has partnered with digital EMI/pay-later platform ZestMoney, to expand its ‘Cardless EMI’ facility for purchases on retail and e-commerce platforms.
With this partnership, the bank’s customers can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and pay in equated monthly installments (EMIs).
Customers can convert transactions up to ₹10 lakh into EMIs by entering their registered mobile number, PAN and OTP (received on registered mobile number) at the check-out of the e-commerce website/app or at the PoS machine in retail outlets, without using cards.
The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores, ICICI Bank said in a releas.e
Further, the Bank’s customers will be able to use ZestMoney’s wide merchant base. They will also be able to use ZestMoney’s flagship ‘Pay-in-3’ offering, where they can split the bill into three EMIs without extra cost.
ICICI Bank’s pre-approved customers can avail of the facility for the brands like Xiaomi, OnePlus, Sugar, Mamaearth, Decathlon, Boat, Yatra, Urban Ladder, Vijay Sales and Titan Eye Plus among others.
The facility can be availed across categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparel, sportswear, education and home décor.
Sudipta Roy, Head-Unsecured Assets, ICICI Bank said, “We are pleased to partner with ZestMoney. With this partnership, millions of our pre-approved customers can shop from e-commerce platforms and retail merchants registered on ZestMoney by just using mobile phone and PAN. We believe this facility provides immense convenience and improves affordability of our customers, as they can purchase high-value products on EMIs in a secure, instant and digital manner, without even carrying their cards or wallet.”
Lizzie Chapman, CEO & Co-Founder-ZestMoney said, “We are excited to partner with ICICI Bank to scale up affordability and convenient credit solutions for a wider customer base. The bank’s partnership will enable pre-approved cardless EMI customers to experience ZestMoney’s seamless, all-digital products and convenience. Furthermore, they can use ZestMoney’s flagship ‘Pay-in-3’ no-cost EMI to split their bills into three parts at no cost. Collaborations will enable both parties to leverage each other’s core capabilities and harness cross-industry innovation. We are certain that this partnership will help create a larger cardless EMI/digital pay-later category and scale it to its full potential.”
ICICI Bank had introduced the ‘Cardless EMI’ facility in 2020 to offer cashless purchases.
Since the launch of ‘Cardless EMI’, ICICI Bank has received an encouraging response from the customers, it said.
ICICI Bank customers in metro cities like Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and other prominent cities like Ahmedabad, Jaipur, Lucknow, Gurugram, Noida, Ghaziabad, Nagpur, Mysuru and Coimbatore have been availing of the facility. Customers in the age group of 25–35 have shown early adoptions.