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ICICI Bank Extends EMI-Based Affordability to E-Commerce Shopping

The Indian private sector bank ICICI Bank has introduced the instant ‘Cardless EMI’ facility to digital purchases made via e-commerce platforms.

The facility enhances affordability to the Bank’s pre-approved customers, as it allows them to instantly buy products or services online through facilitated Equated Monthly Instalments (EMIs).

The service will allow customers to convert transactions of up to Rs. 5 lakh (roughly £4,856) into monthly instalments by entering their registered mobile number, PAN and OTP (received on mobile number) at the e-commerce check-out. The facility can be availed across a host of categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparel, sportswear, education, and home décor.

ICICI Bank has become the first in the industry to introduce a convenient and instant cardless EMI facility for online shopping, seven months after it launched the same service at retail stores. The Bank has tied up with digital lending platforms, namely FlexMoney and ShopSe, to offer this facility across 2,500 brands including Career Launcher, Decathlon, Duroflex, HealthifyMe, Myntra, Morphy Richards, Nokia, Panasonic, Pristyn Care, and Urban Ladder among others. The Bank has stated that it is due to add more brands to this facility in future.

Sudipta Roy, Head- Unsecured Assets, ICICI Bank
Sudipta Roy, Head- Unsecured Assets, ICICI Bank

Speaking on the new facility, Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, believe in providing innovative, convenient and hassle-free products to our customers. With this thought, we had introduced instant ‘Cardless EMI’ facility for retail stores in the last festive season to help our customers to purchase products of their choice in a completely contactless, digital, and secure manner. Inspired by the encouraging response from it, we have now extended the facility for online shopping. With this, our customers can shop from over 2,500 e-commerce merchants and brands just by using mobile phone and PAN. The new offering improves affordability to millions of our customers as they can purchase high-value products on EMIs and in a secure, convenient, instant and digital manner.”

Yezdi Lashkari, Founder & CEO of FlexMoney Technologies added, “We are delighted to partner with ICICI Bank and enable their customers to shop with ‘Cardless EMI’ at their favourite e-commerce merchants and brands. We share ICICI Bank’s vision that the future of purchase finance will be a frictionless, integrated, and cardless digital credit checkout experience for the consumer. FlexMoney’s InstaCred platform provides a seamless and secure merchant integrated checkout experience to customers of ICICI Bank enabling them to shop across our multi-category merchant network.”

Additionally, Pallav Jain, Co-founder & CEO, ShopSe comments, “At ShopSe, we are passionate about providing best-in-class EMI solutions to our merchant partners and customers. That’s why we are proud to get an opportunity to partner with ICICI Bank on their innovative and first-of-its-kind Cardless EMI product. It’s been a delight working with ICICI Bank team, which is equally passionate about the experience at point of purchase.”


  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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