ICICI Bank introduces ‘Cardless EMI’ facility using mobile number, PAN and OTP – Check how it works

One can transact simply by using mobile telephone and PAN, with out even carrying their playing cards or pockets.

ICICI Bank has introduced the launch of a totally digital mode of fee at main retail shops. Called ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility permits lakhs of its pre-approved clients to purchase their favorite devices or house home equipment simply by using their mobile telephone and PAN in lieu of pockets or playing cards. They can convert the high-value transactions into simple, no-cost month-to-month instalments by merely placing their registered mobile quantity, PAN and OTP (obtained on mobile quantity) on the PoS machine on the stores. It permits one to make purchases in simple instalments by a handy OTP based mostly approval course of.

According to the press launch, the ICICI Bank is the primary within the trade to introduce a totally digital, cardless EMI facility at retail shops. The Bank has tied up with Pine Labs, a number one service provider commerce platform, to supply this facility throughout pan-India shops of main retailers specifically Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these shops, clients can avail the ‘Cardless EMI’ facility to buy electronics from main manufacturers like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI. The Bank will add many extra manufacturers in addition to retailers below this facility in close to future.

Speaking on the initiative, Sudipta Roy, Head- Unsecured Assets, ICICI Bank stated, “We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free. Purchasing home appliances, mobile phones and gadgets on EMI is a known consumer behaviour in India. We have seen large number of consumer durables are purchased by using EMI facilities on credit and debit cards.

In order to provide further convenience, we are introducing the ‘Cardless EMI’ facility so that the customers can transact just by using mobile phone and PAN, without even carrying their cards or wallet. We believe this facility will empower lakhs of pre-approved ICICI Bank customers in the on-going festive season to purchase products of their choice in a completely contactless, digital and secure manner.”

Amrish Rau, CEO, Pine Labs added, “The beauty of ‘Cardless EMI’ is that it is a very complex programme to develop, yet it is extremely secure. We hope this will open new consumer segments and give access to shop-now-pay-later at more 1 lakh Pine Labs merchants across India. We are very excited to partner with ICICI Bank on this cutting edge technology programme.”


  • No-cost EMI with out using a card: Customers get no value EMI on main manufacturers at main retailers with out using playing cards
  • No processing price: The Bank doesn’t cost any processing price for this facility
  • Digital course of: The course of is totally digital, contactless and safe
  • Wide transaction restrict: Customers can get pre-approved restrict for purchases from Rs. 10,000 to Rs.10 lakh
  • Flexible tenures: Customers can choose tenures of their alternative from three to fifteen months
  • Exclusive comfort: No different financial institution in India affords this comfort

ICICI Bank clients can test their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or test the affords part on iMobile app.

How it works?

  • Choose your favorite product on the retail outlet
  • Check for the Cardless EMI possibility on the retail outlet
  • Retailer initiates the method on the POS terminal by choosing the required choices
  • Share your mobile quantity with the retailer
  • Enter your PAN and One-Time Password (OTP) that you simply obtain in your registered mobile quantity
  • Successful completion of the short course of


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