ICICI Bank announced the launch of instant EMI facility on its Internet banking platform. Started under the name ‘EMI @ Internet Banking’, this facility aims to provide more facilities to millions of customers. Now, millions of bank’s pre-approved customers can instantly convert their transactions up to Rs 5 lakh into EMI digitally. For this, the customer will not have to pay any separate charge.
ICICI Bank is the first bank in the industry to introduce instant EMI facility on its Internet banking platform. The bank has tied up with leading online payment gateway companies Bill Desk and RazerPay to offer this facility. Currently, the ‘EMI @ Internet Banking’ facility has been enabled for more than 1000 merchants in categories such as online shopping portals, insurance, travel, education- school fees and electronic chains. The bank is also trying to partner with more payment gateway companies, merchants and add new categories under this facility in the near future.
Speaking on the launch of this facility, Mr. Sudipta Roy, Head – Unsecured Assets of ICICI Bank said, “At ICICI Bank we always strive to provide more facilities to our customers and make banking more accessible and hassle free for them.” . In this direction, we also constantly try to provide new and unique solutions. We have seen that many of our customers conduct high-value transactions for payment of insurance premiums, school fees, electronics items, or holidays through the bank’s Internet banking platform.
Our latest offering of ‘EMI @ Internet Banking’ makes EMI’s flexibility for high value transactions for customers with things more affordable for them. This facility also provides extensive facilities to the customers as the entire experience is completely digital and instant. We believe this facility will provide an opportunity for our millions of pre-approved customers to shop for their needs in a completely contactless, instant, digital and secure manner. ”
Mr. Ajay Kaushal, Co-founder and Director, Billdesk, said, “We are pleased to partner with ICICI Bank, which is able to enable ‘EMI @ Internet Banking’ on the Billdesk platform. This facility will enable ICICI Bank customers to easily make their online purchases using a simple monthly installment with all merchants supported by Billdesk. ”
Mr. Khilan Hariya, head-payment products of RazerPay, said, “Our partnership with ICICI Bank will take us back to the early days of RazerPay when we were moving fast.” Today, our campaign to keep businesses and customers at the center will definitely prove beneficial. EMI on internet banking will connect our associate businesses with high conversion rates and will give customers the benefit of making large payments easy and reasonable. ”
The benefits available under the ‘EMI @ Internet Banking’ facility are as follows
> Instant and Digital Process – Customers can convert their high value financial transactions instantly and digitally by making payments through the bank’s Internet banking platform.
>> Different types of merchant- Customers can choose this facility to buy their favorite gadget or pay insurance premiums or to pay school fees for their child or for vacation.
>> High transaction limits – Customers can purchase products or services ranging from 50,000 to 5 lakh rupees.
>> Variety in duration – Customers can choose the period of their choice from three months, six months, nine months and 12 months.
Simple steps to avail ‘EMI @ Internet Banking’ facility
> Select product or service on merchant website / app, select ‘ICICI Bank Internet Banking’ as payment mode
>> Enter User ID and Password, select ‘Convert to EMI’ tab on Payment Details page
>> Choose payment term – enter the OTP received on the registered mobile number and complete the payment!
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