Cardless EMI is a concept that is gaining popularity among consumers. With this facility, you don’t need to carry your credit or debit card and simply pay directly from your bank account. You can make payments using an e-wallet too.
Traditionally, credit cards have enabled users to opt for purchasing products at no extra cost or documentation through an Equated Monthly Instalment (EMI) offered by specific merchants. Today, you have the option of an EMI card or even a cardless EMI.
Pinelab’s blog had introduced an instant ‘Cardless EMI’ facility for retail stores last year to enable its customers to purchase products of their choice in a completely contactless, digital, and secure manner.
How cardless emi work?
Cardless EMI has been around for some time now. It is a payment method that allows customers to use their mobile numbers as a form of payment at merchant outlets. The NBFCs are the ones who offer this facility, and they provide an instant credit line to the customer.
This article will explain how cardless EMI works in-store (for a new consumer)
The customer needs to download the NBFC app from Google or Apple app stores
The customer goes through a simple and secure registration process on the NBFC app, fills up a basic profile and income details, uploads KYC documents, and an instant credit line is offered in real-time (linked to the registered mobile number)
The customer then redeems the limit (using a registered mobile number) on the merchant’s PoS terminal as a payment method to purchase the product
While this facility was launched for POS transactions at retail stores during the last festive season, the bank has extended this facility to online shopping from this month. The loan amount for this facility can range between Rs 7,000 and Rs 5 lakh for tenures of 3, 6, 9, and 12 months.
The bank also offers another option called ‘Cashless EMIs’ where customers can pay their EMIs through their credit or debit card without having to open a separate account with their bank. For this facility, customers will have to register themselves with their respective bank and select the duration of their EMI tenure before making a purchase.
Cardless emi is an easy way to make payments without having to carry your debit or credit card with you all the time. You can even pay your EMIs without having a card by registering yourself with your bank and choosing the payment method at checkout time..
Benefits offered by ‘Cardless EMI’ for online shopping:
Cardless EMI is a hassle-free, digital and instant method for making payments for online shopping. The facility is offered by on your Cards.
What makes Cardless EMI so unique?
- Digital & instant process: Customers can avail the EMI facility in a completely digital, instant and secure manner
- Wide transaction limit: Customers can get pre-approved limit for purchases from Rs. 7,000 to Rs. 5 lakh
- Flexible tenures: Customers can select tenures of their choice from 3, 6, 9 and 12 months
- Exclusive convenience: No other bank in India offers this convenience
- Wide range of categories: The facility is available across 2,500 e-commerce brands of electronics, home appliances, laptops, mobile phones, travel, fashion, sports-wear and home décor
How can I activate cardless EMI?
If you’re looking to buy a product from an online store but don’t have enough cash to get it, you can use cardless EMI to make monthly payments. In this guide, we’ll show you how to activate cardless EMI and make your first payment.
- Choose your favourite product at the retail outlet.
- Check for the Cardless EMI option at the retail outlet.
- Retailer initiates the process at the POS terminal by selecting the required options.
- Share your mobile number with the retailer.
