ICICI Bank expands Cardless EMI facility with ZestMoney partnership

ICICI Bank said that it has joined forces with digital EMI/ pay-later platform ZestMoney for expanding its ‘Cardless EMI’ facility for shopping at retail and e-commerce platforms.

According to the Indian private lender, the partnership boosts the affordability of its customers who can utilize pre-approved cardless credit for instantly buying products or services using ZestMoney and break the cost into equated monthly installments (EMIs).

Sudipta Roy — ICICI Bank Unsecured Assets head 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.”

ICICI Bank expands Cardless EMI facility with ZestMoney partnership. Photo courtesy of Sumedh/Wikipedia.org.

ICICI Bank stated that customers can convert up to INR 10 lakhs of transactions into EMIs by putting their registered mobile number, PAN, and OTP at the check-out of the e-commerce app or website or at the PoS machine in retail outlets, without using their cards.

The private banking company said that the Cardless EMI facility in partnership with ZestMoney is live on certain e-commerce websites and will be shortly available at retail stores.

With the partnership, customers of ICICI Bank can use the broad merchant base of ZestMoney. Besides, they can use the flagship ‘Pay-in-3′ offering of ZestMoney where they can divide the bill into three EMIs without any additional costs.

Lizzie Chapman — ZestMoney CEO and Co-Founder said: “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.”