ICICI Bank has launched a fully digital mode of payment called 'Cardless EMI'. The fully digital mode of payment facility allows its pre-approved customers to buy gadgets and home appliances by using their mobile phone and PAN in lieu of wallet or cards.
They can convert the high-value transactions into 'no-cost' monthly instalments by inputting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at retail outlets, ICICI Bank said in a press release.
As per the press release, the bank has tied up with Pine Labs to offer this facility across pan-India outlets of retailers such as Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles.
At these stores, customers can avail the ‘Cardless EMI’ facility to purchase electronics from brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI. The Bank will add many more brands as well as retailers under this facility in near future.
How to check the eligibility
ICICI bank customers can check their eligibility for the Cardless EMI facility by sending SMS ‘CF’ to ‘5676766’ from their registered mobile number or check the offers section on the iMobile app
How to avail the Cardless EMI facility
Here are the steps to avail the ICICI Bank Cardless EMI facility:
Select product at store > Mention willingness to avail ‘Cardless EMI’ to store representative
Enter the registered mobile number on the PoS terminal > Enter PAN> Receive OTP > Enter OTP on PoS terminal
Transaction gets approved at this stage instantly.
Benefits for ICICI Bank pre-approved customers:
No-cost EMI without using a card: Customers get no-cost EMI without using cards.
No processing fee: The bank does not charge processing fee for this facility.
Digital process: The process is completely digital, contactless and secure
Wide transaction limit: Customers can get pre-approved limit for purchases from Rs 10,000 to Rs 10 lakh
Flexible tenures: Customers can select tenures of their choice from three to 15 months