ICICI Bank launches 'Cardless EMI' facility: All you need to know

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ICICI Bank has launched 'Cardless EMI' facility for its customers. This facility is an entirely-digital mode of payment at leading retail stores. This 'Cardless EMI' allows customers to buy any product like gadgets, home appliances just by using their mobile phone and PAN in lieu of wallet or cards.

ICICI Bank has become the first bank to launch a fully digital, cardless EMI facility at retail stores. ICICI Bank has partnered with a leading merchant commerce platform PineLabs to provide this service across pan-India outlets of leading retailers.

Sudipta Roy, Head - Unsecured Assets, ICICI Bank, said in a statement, “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".

“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" Amrish Rau, CEO, Pine Labs added.

Here are the benefits of ‘ICICI Bank Cardless EMI’:

- No-cost EMI without using a card.

- There is no processing fee.

- This service is entirely digital, contactless and secure.

- Customers can get pre-approved limit for purchases from Rs 10,000 to Rs 10 lakh.

- Tenures of choice from three to 15 months can be selected by customers.

'ICICI Bank Cardless EMI’ facility - Here's how to avail it:

- Choose products at store.

- Mention willingness to avail ‘Cardless EMI’ to store representatives.

- Enter the registered mobile number on the PoS terminal > Enter PAN> Receive OTP > Enter OTP on PoS terminal.

- Transaction gets approved at this stage instantly.

Here's how to check eligibility:

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