ICICI Bank launched a cardless EMI facility, ‘ICICI Bank Cardless EMI’, which is a fully digital mode of payment at leading retail stores. The facility enables pre-approved customers to buy their favorite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards. The bank is the first in the industry to introduce a fully digital, cardless EMI facility at retail stores. In this effort, it has tied up with Pine Labs, a leading merchant commerce platform, to offer this facility across pan-India outlets of leading retailers. Sudipta Roy, Head-Unsecured Assets at the bank, said a number of consumer durables are purchased by using EMI facilities on credit and debit cards, and in order to provide further convenience, the bank is introducing the ‘Cardless EMI’ facility so that the customers can transact just by using mobile phone and PAN, without even carrying their cards or wallet. The main benefits of the facility are no-cost EMI without using a card, no processing fee, a completely digital, contactless, and secure process, the pre-approved limit for purchases from ₹10,000 to ₹10 lakh, and facility for customers to select tenures of their choice from 3 to 15 months.