ICICI Bank partners with ZestMoney to expand ‘Cardless EMI’ facility

By Leandra Monteiro

ICICI Bank announced that it has partnered with ZestMoney, a digital EMI/ pay-later platform, to expand its ‘Cardless EMI’ facility for purchases at retail and e-commerce platforms.

Lizzie Chapman, CEO & Co-Founder – ZestMoney said, “We are excited to partner with ICICI Bank to scale up affordability and convenient credit solutions for a wider customer base. The Bank’s partnership will enable pre-approved cardless EMI customers to experience ZestMoney’s seamless, all-digital products and convenience. Furthermore, they can use ZestMoney’s flagship ‘Pay-in-3’ no-cost EMI to split their bills into three parts at no cost. As the leading omni-channel digital EMI platform in India, we have always believed that bank and fintech collaboration is the way forward to drive the EMI category. Collaborations will enable both parties to leverage each other’s core capabilities and harness cross-industry innovation. We are certain that this partnership will help create a larger cardless EMI/digital pay-later category and scale it to its full potential.”

The partnership enhances affordability for customers of the Bank who can use pre-approved cardless credit to instantly buy products using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs). Customers can convert transactions up to INR 10 lakh into EMIs by simply putting their registered mobile number, PAN and OTP at the check-out of the e-commerce website/app or at the PoS machine in retail outlets, without using cards. The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores.

ICICI Bank’s pre-approved customers can avail of the facility for the brands like Xiaomi, OnePlus, Sugar, Mamaearth, Decathlon, Boat, Yatra, Urban Ladder, Vijay Sales, Titan Eye Plus among others. The facility can be availed across categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparel, sportswear, education and home décor.

Speaking on the partnership, Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, always strive to address customers’ credit needs by providing them with innovative and hassle-free solutions. We are pleased to partner with ZestMoney. With this partnership, millions of our pre-approved customers can shop from e-commerce platforms and retail merchants registered on ZestMoney by just using mobile phones and PAN. We believe, this facility provides immense convenience and improves affordability of our customers, as they can purchase high-value products on EMIs in a secure, instant and digital manner, without even carrying their cards or wallet.”