ICICI Bank launches full digital EMI project Introduced Cardless EMI for Payments at Leading Retail Stores in collaboration with Pine Labs. Instead of wallets or cards, the new scheme will enable the purchase of custom devices on mobile phones and PAN cards on a simple one-time basis.
EMI transactions can be done at no extra charge by entering only the mobile number, PAN and OTP registered in the POS machine at the retail outlets. Interventions will be more beneficial to customers as there is no processing charge. Cardless EMIs also feature a wide range of purchases ranging from Rs 10,000 to Rs 10 lakh and a maturity of 3 to 15 months.
The transactions should be done using the OTP received when registering the mobile number and PAN card number in the POS machine. Customers can check out the latest installment plans by texting 'CF' to '5676766' or by checking the offer sequence in the iMobile app.