ICICI Cardless EMI: ICICI Bank has announced the launch of a fully digital mode of payment at leading retail stores. Called ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards. They can convert the high-value transactions into easy, no-cost monthly instalments by simply putting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at the retail outlets. It enables one to make purchases in easy instalments through a convenient OTP based approval process.
“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. 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,” Sudipta Roy, Head- Unsecured Assets, ICICI Bank said.
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 the near future.
Benefits of ‘ICICI Bank Cardless EMI’
- No-cost EMI without using a card.
- No processing fee.
- The process is completely digital, contactless and secure.
- Customers can get pre-approved limit for purchases from ₹10,000 to ₹10 lakh.
- Customers can select tenures of their choice from three to 15 months
Steps to avail the ‘ICICI Bank Cardless EMI’ facility:
-Select the product at the 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.
How to check eligibility for ICICI Bank ‘Cardless EMI’
ICICI Bank customers can check their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or check the offers section on iMobile app.
Mean-while, India on Thursday recorded 45,576 new coronavirus infections in a span of 24 hours, government Covid-19 data shows. With this, the country’s overall Covid-19 case count since the outbreak stands at 89,58,484.In the one-day period, 585 people lost their lives to the deadly virus, taking the overall fatalities to 1,31,578.
The total active cases stand at 4,43,303 after a decrease of 3,502 in the last 24 hours.
The total discharged cases are at 83,83,603 with 48,493 new recoveries in the last 24 hours.
For the 12th day today, India has reported less than 50,000 daily coronavirus cases.
The Indian Council of Medical Research said that a total of 12,85,08,389 samples have been tested for Covid-19 up to 18 November. Of these, 10,28,203 samples were tested yesterday, the ICMR added.