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ICICI Bank launches ‘Cardless EMI’ facility for its pre-approved customers

India based leading private sector bank, ICICI Bank on Thursday announced the launch of ‘Cardless EMI’ facility for its pre-approved customers.

These (Cardless EMI) facilities will enable lakh of its customer’s pre-approved customers to buy gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards.

ICICI Bank in its statement said, “The customer can convert the high-value transactions into easy no-cost monthly installments by simply putting their registered mobile number, PAN, and OTP on the PoS machine at the retail outlets.”

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“The bank has partnered with Pine Labs, a leading merchant commerce platform, to offer this facility across pan-India outlets of leading retailers namely Croma, Reliance Digital,My Jio Stores and Sangeetha Mobiles.”

Speaking on the development, Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free. 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.

‘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. We believe this facility will empower lakhs of pre-approved ICICI Bank customers in the on-going festive season to purchase products of their choice in a completely contactless, digital, and secure manner,” Roy added.

Commenting on the partnership, 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 at more than 1 lakh Pine Labs merchants across India. We are very excited to partner with ICICI Bank on this cutting edge technology program.”