News and resources on payments systems, innovations and initiatives worldwide.
Icici Bank debuts cardless buy now, pay later facility

Icici Bank debuts cardless buy now, pay later facility

India's Icici Bank is rolling out a mobile-only, tap-to-activate installment payment plan with a batch of high street retailers selling electronic consumer goods.

Dubbed ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility enables pre-approved customers to buy gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards.

Users can convert the high-value transactions into no-cost monthly instalments of between three and eighteen months by putting their registered mobile number and PAN on the POS machine and then tapping in a one-time-password.

The bank has tied up with Pine Labs to offer the service across pan-India outlets of retailers Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles selling electronics from leading brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI.

The bank says it will add more brands as well as retailers in the near future.

Sudipta Roy, head - unsecured assets - Icici Bank says: "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.

Digital payments will be discussed in depth at EBAday 2020. For delegate passes, register now and join leaders from across Europe's payments ecosystem as EBAday addresses 'The Turning Point in Payments Transformation'.


Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 20 November, 2020, 11:55Be the first to give this comment the thumbs up 0 likes

I was curious to know if this Cardless EMI product is available only to ICICI Bank customers having an ICICI Bank Credit Card who have forgotten to carry their credit card to the retailer OR even to people who do not have any account with ICICI Bank.

To seek an answer, I visited the ICICI Bank Landing Page. But couldn't find the answer.

I then sent the required SMS (CF to 5676766) to check if I was eligible for Cardless EMI. I got a reply back within a few seconds saying yes and mentioning the credit limit. Impressive! But, then, I have an account - though no ICICI Bank Credit Card - with ICICI Bank. So it was not conclusive.

I then sent the same SMS from the mobile phone of Someone I Know (SIK) who does not have any relationship with ICICI Bank. SIK got a reply back within seconds telling them to "meet sales reps at the retailer" to know eligibility. Until SIK actually visits a store, I won't have the answer to my question.  

Can any "Early Adopters" of this product throw some more light? Thanks in advance.