Cardless EMI

“Cardless EMI” is a facility or mode of payment introduced by the ICICI Bank recently. This service allows the customers of the Bank to make payment using their mobile phone and PAN number, instead of using cards or wallets. Now, the bank’s pre-approved customers can buy gadgets or home appliances without using card. The customers will be able to avail no-cost EMIs on their purchase through the “Cardless EMI” feature of the bank.

Key Points

  • Using the feature, customers can convert high-value transactions into installments. ICICI bank is the first in India to introduce this feature which can be used in all retail outlets of Chroma, Reliance Digital, Sangeetha, Jio stores etc.
  • In order to avail the “Cardless EMI”, customers will have to enter their registered mobile number, PAN number on the PoS terminal. After this, the customers will receive an OTP that has to be entered at the terminal to approve the cardless EMI transaction.
  • The transactions made using this method are completely digital and do not bear any transaction cost.
  • Customers can also cancel/return the product purchased using "Cardless EMI" by raising a cancellation request to the Dealer within 14 days from the date of purchase. After 14 days, the customer will not be allowed to cancel the product and will have to repay the facility to ICICI Bank by paying the EMIs as scheduled.
  • Customers can also get a pre-approved limit from Rs 10,000 to Rs 10 lakh for the purchase of gadgets/home appliances.
  • For implementing this service, ICICI bank has tied up with payment major Pinelabs.


Established in 1994, ICICI Bank is a private sector bank of India having its registered office in Vadodara, Gujarat and corporate office in Mumbai. ICICI Bank has been designated as the Domestic Systemically Important Banks (D-SIBs) along with the State Bank of India and HDFC Bank. Sandeep Bakhshi is the MD & CEO of the bank.