Indian private lender ICICI Bank said that it has introduced the instant Cardless EMI facility for purchases made on e-commerce platforms.

According to the bank, the facility boosts the affordability to scores of its pre-approved customers as it enables them to purchase products or services instantly online through equated monthly instalments (EMIs) with only a few clicks by using their mobile phone and PAN number.

ICICI Bank said that customers will get to convert the transactions with a maximum of Rs. 5 lakh into convenient monthly instalments by just entering their registered mobile number, PAN, and OTP as received on mobile number at check-out of the e-commerce website or app.

The Cardless EMI facility from ICICI Bank can be used across a range of categories that include electronics, home appliances, mobile phones, laptops, fashion apparels, travel, education, sports-wear, and home décor.

ICICI Bank claims to be the first in the banking industry to roll out easy and instant cardless EMI facility for online purchases, seven months after it had introduced the same service at retail stores.

The banking group said that it has joined forces with major digital lending platforms such as ShopSe and FlexMoney to provide the Cardless EMI facility across 2,500 brands.

Sudipta Roy – Head- Unsecured Assets, 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.”

  Banking industry news, digital lending platform, FlexMoney, ICICI Bank, India, ShopSe, Sudipta Roy