ICICI Bank has partnered with ZestMoney to enhance its BNPL (buy now, pay later) facility that enables customers to convert their purchases of up to Rs.10 lakh on select e-commerce websites and retail outlets into EMIs without using cards. The facility is available across e-commerce shopping platforms, travel, education, insurance, healthcare & wellness and fashion apparels.
The partnership with ZestMoney will enable ICICI Bank’s pre-approved cardless EMI customers to use their wide merchant base and ZestMoney’s flagship ‘Pay-in-3’ no-cost EMI offering. This will help scale the affordability and convenience of credit solutions for a wider customer base, said Lizzie Chapman, CEO & Co-Founder, ZestMoney.
ZestMoney is India’s fastest-growing EMI/Pay Later network, deeply integrated with the largest merchants including Amazon, Flipkart and MakeMyTrip to drive affordable pricing and facilitate frictionless sales at higher conversion rates. The company has over 10,000 online partners and 75,000 physical stores, making it a leader in the space.
Customers can download the Zest app to get their credit line instantly, and the app will do the payment on behalf of the customer. The app will then convert the total amount paid into two or three EMIs at zero interest.
ICICI Bank has received an encouraging response from its cardless EMI customers in metro cities like Bengaluru, Hyderabad, Mumbai and Chennai. It claims that the facility has been popular among users between the age of 25 to 35.