The new facility allows its pre-approved customers to make purchases by using their mobile phone and PAN
Indian private sector bank ICICI Bank has introduced a new fully digital mode of payment at major retail stores in the country.
The new mode of payment, dubbed ‘ICICI Bank Cardless EMI’ (equated monthly instalments), allows thousands of its pre-approved customers to purchase their gadgets or home appliances by using their mobile phone and permanent account number (PAN).
ICICI’s new cardless EMI facility enables customers to convert the high-value transactions into easy and no-cost monthly instalments by placing their registered mobile number, PAN and OTP on the PoS machine at the retail outlets.
ICICI Bank partners with Pine Labs for new payment service
ICICI Bank has partnered with merchant commerce platform called Pine Labs to provide the cardless EMI facility across pan-India outlets of major retailers Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles.
Customers are allowed to use the cardless EMI facility at these stores to buy electronics of various brands.
Various benefits offered by the new facility include no-cost EMI without using a card, no processing fee, wide transaction limit, flexible tenures and exclusive convenience.
ICICI Bank unsecured assets head Sudipta Roy said: “We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free.
“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.”
Recently, ICICI Bank has launched what it claims to be India’s first comprehensive banking programme, named ICICI Bank Mine, for millennial customers.