Priyanka Sambhav
You neither need cash nor your debit or credit card to make a high-value purchase. Use your mobile number and your PAN in place of your card and buy a gadget, home appliance or an FMCG product. ICICI Bank has announced a fully digital mode of payment called ‘Cardless EMI’ facility which will enable an ICICI customer to avail quick loans at retail stores itself. It will allow the bank’s pre-approved customers to shop and then convert the payment into no-cost monthly instalments by simply punching their mobile number and PAN on the point of sale (POS) machine.
ICICI Bank becomes the first bank to launch a fully digital and cardless mode of transaction. As per the press release of ICICI Bank, they have partnered with PineLabs, a leading merchant commerce platform to provide this service across the country in leading outlets. To name a few stores like Croma, Reliance digital, My Jio outlets will roll out this facility and bank will soon share more names of the partnering outlets.
Sudipta Roy, Head – Unsecured Assets, ICICI Bank, said in a statement, “Purchasing home appliances, mobile phones and gadgets on EMI is known consumer behaviour in India. We have seen a large number of consumer durables are purchased by using EMI facilities on credit and debit cards. 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”.
How to check eligibility?
If you are an ICICI bank customer, you need to send SMS ‘CF’ to 5676766 from your registered mobile number.
How will this work?
– Select the products at one of the stores which have a tie-up with ICICI bank for cardless EMI facility
– The retail will check your eligibility
– The store will enter your registered mobile on the PoS terminal – then your PAN
– You will receive an OTP from the bank on your registered mobile number
– Enter the OTP on PoS terminal
– Transaction gets approved instantly
Five benefits of ‘ICICI Bank Cardless EMI’:
– No-cost EMI without using a card.
– You are saved from paying any processing fee.
– NO hassle of bank visit it is entirely digital and contactless.
– Customers can get pre-approved limit for purchases from Rs 10,000 to Rs 10 lakh.
– Customers can select-Tenures of choice from three to 15 months.
