On Thursday, ICICI Bank launched 'ICICI Bank Cardless EMI' a fully digital mode of payment at leading retail stores that allows its pre-approved customers to make purchases of their choice in a contactless, digital and secure manner.
According to a press release from the private bank, "the facility enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards. They can convert the high-value transactions into easy, no-cost monthly instalments by simply putting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at the retail outlets."
ICICI Bank also said that it 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 Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these stores, customers can avail the 'Cardless EMI' facility to purchase electronics from leading brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI, the bank said. ICICI Bank said that it will add many more brands as well as retailers under this facility in the near future.
Features of ICICI Bank's Cardless EMI
- Customers will get no-cost EMI on leading brands at leading retailers without using cards.
- The bank doesn't charge any processing fee for this facility.
- The process is completely digital, contactless and secure.
- Customers can get pre-approved limit for purchases from Rs 10,000 to Rs 10 lakh.
- Customers can select tenures of their choice from 3 to 15 months
How to avail the facility?
- Select the product at the store.
- Mention your willingness to avail 'Cardless EMI' to store representative
- Enter your registered mobile number on the PoS terminal.
- Enter PAN.
- Receive OTP.
- Enter OTP on PoS terminal. The transaction gets approved instantly at this stage.
How to eligibility for 'Cardless EMI'?
Customers of ICICI Bank can check their eligibility by sending SMS 'CF' to '5676766' or check the offers section on iMobile app.