Private lender ICICI Bank on Thursday announced its partnership with Zest Money, a digital EMI/pay later platform, to expand its ‘Cardless EMI’ facility.
As per the statement, the customers of ICICI bank will be able to utilize Zest Money’s flagship ‘Pay-in-3’ offering, where the bill would be split into three Equated Monthly Installments (EMIs) without extra costs.
Customers can convert transactions up to Rs 10 lakh into EMIs by putting 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, the lender further added.
Moreover, ICICI Bank’s pre-approved customers can avail themselves of the facility for the brands like Xiaomi, OnePlus, Sugar, Mamaearth, Decathlon, Boat, Yatra, Urban Ladder, Vijay Sales, Titan Eye Plus among others. The facility can also be availed across categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparel, sportswear, education and home décor.
ICICI Bank was the first bank to introduce ‘Cardless EMI’ facility in 2020 to offer cashless purchases.
How to avail the facility on e-commerce websites:
-Choose the products or services > Choose ZestMoney and ‘Cardless EMI’ as the payment option -Enter registered mobile number > enter PAN > enter the OTP -Transaction gets approved at this stage instantly Commenting on the partnership, Sudipta Roy, Head, Unsecured Assets, ICICI Bank said, “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 phones and PAN. We believe, this facility provides immense convenience and improves the 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.”
Talking about the same, Lizzie Chapman, CEO and Co-Founder of ZestMoney said, “The Bank’s partnership will enable pre-approved cardless EMI customers to experience ZestMoney’s seamless, all-digital products and convenience... 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.”
The lender also mentioned, “The key benefits of this whole facility are, that it is digital, contactless, and secure. Customers do not have to pay any processing fee for this facility and many more.”
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