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.
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