ICICI Bank, ZestMoney collaborate for pay later credit facility
By siliconindia | Thursday, 09 June 2022, 08:40 Hrs
ICICI Bank on Thursday announced that it has partnered with ZestMoney to expand its cardless EMI, more commonly known as buy now pay later (BNPL), facility for purchases done at retail and e-commerce platforms. Through this, the bank’s customers will have the option to convert transactions up to â¹10 lakh into EMIs by providing their registered mobile number, PAN and OTP received on registered mobile number at the time of check-out from an e-commerce platform or at retail outlets, without using cards.
ICICI Bank said this facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores.
The partnership will enable the bank’s customers to use ZestMoney’s wide merchant base and the latter’s ‘Pay-in-3’ offering, where they can split the bill into three EMIs without any extra cost, ICICI Bank said in a statement.
“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."
ICICI Bank’s cardless EMI facility is present across ecommerce shopping platforms, travel, education, insurance, healthcare & wellness and fashion apparels.
“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," said Sudipta Roy, Head- Unsecured Assets, ICICI Bank.
Among other benefits, customers do not have to pay any processing fee while availing this option, have the option to select repayment tenures of their choice from three to 15 months and can sign-up for the credit facility completely digitally.
In FY23, it expects to clock a double-digit growth in volume. Note that volume had declined by nearly 15% to more than 4.9 million units in FY22. PREMIUM
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“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," said Lizzie Chapman, CEO and co-founder, ZestMoney.