BNPL: ICICI Bank Teams Up with ZestMoney to Expand Cardless EMI Facility

ICICI Bank recently announced that it has teamed up with ZestMoney, a digital EMI/ pay-later platform, in order to expand its ‘Cardless EMI’ facility “for purchases at retail and e-commerce platforms.”

The partnership enhances affordability for millions of customers of the Bank who can use pre-approved cardless credit “to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments EMIs).”

Customers can “convert transactions up to Rs. 10 lakh into EMIs by simply 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.” With this partnership, the Bank’s customers will be able “to use ZestMoney’s wide merchant base.”

They will also be able “to use ZestMoney’s flagship ‘Pay-in-3’ offering, where they can
split the bill into three EMIs without extra cost.”

ICICI Bank’s pre-approved customers can “avail 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 be availed “across categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparel, sportswear, education and home décor.”

Sudipta Roy, Head- Unsecured Assets, ICICI Bank said:

“We, at ICICI Bank, always strive to address customers’ credit needs by providing them with innovative and hassle-free solutions. We are pleased to partner with ZestMoney. 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 phone and PAN. We believe, this facility provides immense convenience and improves 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.”

Lizzie Chapman, CEO & Co-Founder – ZestMoney said:

“We are excited to partner with ICICI Bank to scale up affordability and convenient credit solutions for a wider customer base. The Bank’s partnership will enable pre-approved cardless EMI customers to experience ZestMoney’s seamless, all-digital products and convenience. Furthermore, they can use ZestMoney’s flagship ‘Pay-in-3’ no-cost EMI to split their bills into three parts at no cost.

Chapman added:

“As the leading omni-channel digital EMI platform in India, we have always believed that bank and fintech collaboration is the way forward to drive the EMI category. 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.”

ICICI Bank was reportedly “the first bank to introduce ‘Cardless EMI’ facility in 2020 to offer cashless purchases.” Since the launch of ‘Cardless EMI’, ICICI Bank “has received an encouraging response from the customers.”

Some of the leading categories for ‘Cardless EMI’ “are e-commerce shopping platforms, travel, education, insurance, healthcare & wellness and fashion apparel.”

ICICI Bank customers in metro cities like Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and other prominent cities like Ahmedabad, Jaipur, Lucknow, Gurugram, Noida, Ghaziabad, Nagpur, Mysuru and Coimbatore “have been availing of the facility.”

Customers in the age group of 25 – 35 “have shown early adoptions.”

Key benefits of ‘ICICI Bank Cardless EMI’ facility:

  • Wide transaction limit: Customers can get a pre-approved limit for purchases up to
    Rs.10 lakh
  • No-cost EMI/Low cost EMI: Clients get no cost/low cost EMI on brands at top retailers without using cards
  • No processing fee: Customers do not have to pay any processing fee for this facility
  • Flexible tenures: Customers can select tenures of their choice from three to 15 months
  • Digital process: The process is completely digital, contactless and secure

For more details on this update, check here.

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