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ICICI Bank Partners with ZestMoney to Expand ‘Cardless EMI’ Facility

ICICI Bank Partners with ZestMoney to Expand 'Cardless EMI' Facility_4.1

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.

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ICICI Bank Partners with ZestMoney to Expand 'Cardless EMI' Facility_5.1Over 1.18 billion payment devices been deployed in India as of April_80.1

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