ICICI Bank has announced that it has partnered with digital EMI/pay-later platform ZestMoney, to expand its ‘Cardless EMI’ facility for purchases on retail and e-commerce platforms. The partnership enhances affordability of customers of the Bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs).
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How does it work?
- Customers can convert transactions up to Rs 10 lakh into EMIs by simply putting their registered mobile number, PAN and OTP (received on registered mobile number) 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.
- With this partnership, the Bank’s customers will be able to use ZestMoney’s wide merchant base. They will also be able to use ZestMoney’s flagship ‘Pay-in-3’ offering, where they can split the bill into three EMIs without extra cost.
Important takeaways for all competitive exams:
- ZestMoney CEO & Co-Founder: Lizzie Chapman;
- ZestMoney Established: 2015;
- ZestMoney Headquarters: Bengaluru, Karnataka.