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ICICI Bank in Partnership with Pine Labs Launches ‘ICICI Bank Cardless EMI’, a 1st of its kind fully digital, cardless EMI facility at retail stores 

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ICICI Bank introduces Cardless EMI facilityOn November 19, 2020 ICICI Bank Ltd  in partnership with Pine Labs launched ‘ICICI Bank Cardless EMI’(Equated Monthly Instalments). ICICI Bank becomes India’s first bank and first in industry to launch a fully digital payment mode, a cardless EMI facility at retail stores.

Purpose- The facility allows the bank’s pre-approved customers to use their mobile phone and PAN(Permanent Account Number)instead of wallet or cards, to purchase their gadgets or home appliances at retail stores across PAN India.

Note- This facility is expected to open consumer segments and give access to shop-now-pay-later at over 1 lakh Pine Labs merchants across India.

Gist about ‘ICICI Bank Cardless EMI’:

Convert high value transactions into easy, free monthly installments

The customers can convert the high value transactions into easy, free monthly installments by placing their registered mobile number, PAN and OTP (obtained on mobile number) on the PoS(Point of Sale) machine at the retail outlets.

Retail Outlets

  • With the tie up with Pine Labs, the bank offers this facility across pan-India outlets of leading retailers namely Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles to purchase electronics from leading brands like Carrier, Daikin, Dell, Godrej, etc.,
  • The Bank will add many more brands and retailers under this facility shortly.


No-cost EMI without using a card &  No processing fee

  • Without using cards, the customers get no cost EMI on leading brands at leading retailers.
  • For this facility no processing fee is charged by the bank.

Contactless and secure

As this facility is completely digital it is contactless and secure.

Transaction limit

Customers can get pre-approved limits for purchases from Rs. 10,000 to Rs.10 lakh


Customers can select tenures of their choice from 3 to 15 months. i.e., customers will have flexible tenures.

Additional Info:

In 1999, ICICI became the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the New York Stock Exchange(NYSE).

Recent Related News:

On October 6, 2020 ICICI Bank in partnership with Visa introduced a debit card facility for customers who avail Loan Against Securities (LAS) from the bank. The card is available on the Visa platform. With this introduction, ICICI bank becomes the 1st bank in India to launch this facility after the Reserve Bank of India (RBI) allowed banks to issue electronic(e) cards to customers availing an Overdraft (OD) facility, that are only in the nature of personal loan with no specific end-use restriction.

About ICICI Bank Ltd:
Formed– 1955(incorporated in 1994)
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)–  Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka

About PineLabs:
HeadQuarters– Noida, Uttar Pradesh
CEO– B. Amrish Rau
Founder & Chairman– Lokvir Kapoor
Founded– 1998