ICICI Bank launches 'Cardless EMI' facility: All you need to know

ICICI Bank has launched 'Cardless EMI' facility for its customers. This facility is an entirely-digital mode of payment at leading retail stores. This 'Cardless EMI' allows customers to buy any product like gadgets, home appliances just by using their mobile phone and PAN in lieu of wallet or cards.

ICICI Bank has become the first bank to launch a fully digital, cardless EMI facility at retail stores. ICICI Bank has partnered with a leading merchant commerce platform PineLabs to provide this service across pan-India outlets of leading retailers.

Sudipta Roy, Head - Unsecured Assets, ICICI Bank, said in a statement, “Purchasing home appliances, mobile phones and gadgets on EMI is a known consumer behaviour in India. We have seen large number of consumer durables are purchased by using EMI facilities on credit and debit cards. In order to provide further convenience, we are introducing the ‘Cardless EMI’ facility so that the customers can transact just by using mobile phone and PAN, without even carrying their cards or wallet".

“The beauty of ‘Cardless EMI’ is that it is a very complex programme to develop, yet it is extremely secure. We hope this will open new consumer segments and give access to shop-now-pay-later" Amrish Rau, CEO, Pine Labs added.