ICICI Bank has extended its instant monthly instalments feature enabling customers to split their purchases when shopping online.
The bank’s Cardless Equated Monthly Instalments (EMIs) facility allows pre-approved customers to make payments using their mobile phone and PAN.
Customers can split the transactions up to Rs. 5 lakh ($6748) into monthly instalments by entering their registered mobile number, PAN and one-time passcode (OTP) – which they will receive in a text – at the check-out section of the e-commerce website or app.
This comes after ICICI Bank first launched the same solution last year at retail stores.
Mr. Sudipta Roy, head of unsecured assets at ICICI Bank, said: “We, at ICICI Bank, believe in providing innovative, convenient and hassle-free products to our customers. With this thought, we had introduced instant ‘Cardless EMI’ facility for retail stores in the last festive season to help our customers to purchase products of their choice in a completely contactless, digital and secure manner.
“Inspired by the encouraging response from it, we have now extended the facility for online shopping. With this, our customers can shop from over 2,500 e-commerce merchants and brands just by using mobile phone and PAN. The new offering improves affordability to millions of our customers as they can purchase high value products on EMIs and in a secure, convenient, instant and digital manner.”
ICICI Bank taps FlexMoney and ShopSe
ICICI Bank partnered with digital lending platforms FlexMoney and ShopSe to offer the feature across 2,500 brands.
Mr. Yezdi Lashkari, founder and CEO at FlexMoney Technologies, said: “We are delighted to partner with ICICI Bank and enable their customers to shop with ‘Cardless EMI’ at their favourite e-commerce merchants and brands. We share ICICI Bank’s vision that the future of purchase finance will be a frictionless, integrated, and cardless digital credit checkout experience for the consumer.”
According to the bank, its new solution is the first of its kind in India.
Mr. Pallav Jain, co-founder and CEO at ShopSe, added: “At ShopSe, we are passionate about providing best-in-class EMI solution to our merchant partners and customers. That’s why we are proud to get an opportunity to partner with ICICI Bank on their innovative and first-of-its-kind Cardless EMI product. It’s been a delight working with ICICI Bank team, which is equally passionate about the experience at point of purchase.”
ICICI Bank customers can check their eligibility for ‘Cardless EMI’ for online shopping by sending SMS ‘CARDLESS’ to ‘5676766’ or check the offers section on iMobile app.