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Tag: ZestMoney

ICICI Bank introduces ‘Monsoon Bonanza’, a special monsoon offer for customers
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ICICI Bank partners with ZestMoney to expand its ‘Cardless EMI’ facility

Jun 9, 2022 by Praveen 0 Comments #Cardless EMI, #ICICI Bank, #ZestMoney

 ICICI Bank today announced that it has partnered with ZestMoney, a leading digital EMI/ pay-later platform, to expand its ‘Cardless EMI’ facility for purchases at retail and e-commerce platforms. The partnership enhances affordability of millions of customers of the Bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs). Customers can convert transactions up to Rs. 10 lakh into EMIs by simply putting their registered mobile number, PAN and OTP (received on registered mobile number) at the check-out of the e-commerce website/app or at the PoS machine in retail outlets, without using cards.  The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores.

 

With this partnership, the Bank’s customers will be able to use ZestMoney’s wide merchant base. They will also be able to use ZestMoney’s flagship ‘Pay-in-3’ offering, where they can split the bill into three EMIs without extra cost. ICICI Bank’s pre-approved customers can avail of the facility for the brands like Xiaomi, OnePlus, Sugar, Mamaearth, Decathlon, Boat, Yatra, Urban Ladder, Vijay Sales, Titan Eye Plus among others. The facility can be availed across categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparel, sportswear, education and home décor.

 

Speaking on the partnership, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, always strive to address customers’ credit needs by providing them with innovative and hassle-free solutions. We are pleased to partner with ZestMoney. With this partnership, millions of our pre-approved customers can shop from e-commerce platforms and retail merchants registered on ZestMoney by just using mobile phone and PAN. We believe, this facility provides immense convenience and improves affordability of our customers, as they can purchase high-value products on EMIs in a secure, instant and digital manner, without even carrying their cards or wallet.”

 

Ms. Lizzie Chapman, CEO & Co-Founder – ZestMoney said, “We are excited to partner with ICICI Bank to scale up affordability and convenient credit solutions for a wider customer base. The Bank’s partnership will enable pre-approved cardless EMI customers to experience ZestMoney’s seamless, all-digital products and convenience. Furthermore, they can use ZestMoney’s flagship ‘Pay-in-3’ no-cost EMI to split their bills into three parts at no cost. As the leading omni-channel digital EMI platform in India, we have always believed that bank and fintech collaboration is the way forward to drive the EMI category. Collaborations will enable both parties to leverage each other’s core capabilities and harness cross-industry innovation. We are certain that this partnership will help create a larger cardless EMI/digital pay-later category and scale it to its full potential.”

 

ICICI Bank was the first bank to introduce ‘Cardless EMI’ facility in 2020 to offer cashless purchases. Since the launch of ‘Cardless EMI’, ICICI Bank has received an encouraging response from the customers. Some of the leading categories for ‘Cardless EMI’ are e-commerce shopping platforms, travel, education, insurance, healthcare & wellness and fashion apparels. ICICI Bank customers in metro cities like Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and other prominent cities like Ahmedabad, Jaipur, Lucknow, Gurugram, Noida, Ghaziabad, Nagpur, Mysuru and Coimbatore have been availing of the facility. Customers in the age group of 25 – 35 have shown early adoptions.

 

Key benefits of ‘ICICI Bank Cardless EMI’ facility: 

·         Wide transaction limit: Customers can get pre-approved limit for purchases up to Rs.10 lakh 

·         No-cost EMI / Low cost EMI: Customers get no cost or low cost EMI on leading brands at top retailers without using cards 

·         No processing fee: Customers do not have to pay any processing fee for this facility 

·         Flexible tenures: Customers can select tenures of their choice from three to 15 months 

·         Digital process: The process is completely digital, contactless and secure 

 

Here are simple steps to avail the facility on e-commerce websites:

·         Choose the products or services > Choose ZestMoney and ‘Cardless EMI’ as the payment option

·         Enter registered mobile number > enter PAN > enter the OTP

·         Transaction gets approved at this stage instantly

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ZestMoney releases India Buy Now, Pay Later report, sees 300% growth in 2021

Jan 20, 2022 by Gouri 0 Comments #India Buy Now, #Lizzie Chapman, #Pay Later, #Pay Later report, #Pay Later Report 2021, #The India Buy Now, #ZestMoney

Zest India

Bengaluru, January 20, 2022: ZestMoney, India’s largest and fastest-growing Buy Now, Pay Later platform, has released its annual Buy Now, Pay Later report, which decodes the top consumer preferences, categories driving demand, adoption of BNPL by merchants and highlights triggers for shift in consumer behaviour. 

Besides revealing consumer preferences and how Indian states took to BNPL in a big way, ‘The India Buy Now, Pay Later Report 2021’ also gives an overview of the Indian BNPL ecosystem, global best practices, and the way forward for the industry in India. 

The report offers interesting insights into customer behaviour and highlights the diverse trends of 2021 from across the country. While most of the customers (median) were in the 23-26 years group, BNPL emerged as the preferred option for people across age groups with the youngest customer being 18 years old and the oldest at 66. The number of millennial and GenZ customer base increased by 2X and 3X respectively, indicating that the BNPL segment has been driven by young cohorts in India in line with the global trend. 

The overall BNPL transactions on ZestMoney saw a massive 300% increase in 2021 compared to 2020. 

The report also revealed insights on what men and women shopped for across the country. While men from Tier 1 and 2 cities spent heavily on fashion and lifestyle, women from Tier 1 and 2 cities spent on upgrading their electronics and EdTech courses for upskilling respectively. 

Bangalore, Mumbai, New Delhi, Pune, Hyderabad, Chennai, Ahmedabad, Thane, Kolkata, and Jaipur emerged as the top cities witnessing demand for BNPL in 2021, while Lucknow, Kanchipuram, Vijayawada, Visakhapatnam, Guntur, Surat, Indore, Bhopal, Tiruvallur, and Coimbatore were the other top tier-II and tier-III cities on the platform. 

Commenting on the report, Lizzie Chapman, CEO & Co-founder of ZestMoney said, ‘2021 was an intense year, with the volatility of the pandemic coupled with its impact on the consumer we serve – from pain to recovery and then rapid demand acceleration over the last two quarters. Customers continued to lap up Pay Later because it gives them the perfect flexibility to spread out costs and plan their finances better. We’ve doubled our user base in the last 12 months taking our total registered user base to 15 MN – almost 2X growth. It’s been a well-rounded growth across categories from smartphones, electronics, fashion, and home decor emerging as the top categories on the platform.”

“We not only added the highest number of new customers and merchants but also gained market share in an ever-growing market.   We saw a 300% YoY growth in BNPL transactions as people took to convenience and affordability in a big way. Owing to the solid consumer demand we saw last year, we now have a 50% market share in the Indian BNPL market and over 70% market share in the online ‘Pay in 3’ no-cost interest-free offering. On the back of the strong demand and our expansion plans, we are confident of hitting a $10 BN GMV run rate in the next 3 years and cementing our position as the market leader in the country.” added Lizzie Chapman. 

Direct to consumer (DTC) brands took to enabling BNPL at checkout as they saw an increase in sales and average order value. ZestMoney saw a 10X YoY growth in the number D2C merchants on its platform indicating the popularity of the BNPL option among them. While DTC brands in Fashion, Beauty, and Skincare topped the demand for BNPL, Electronics, Home & Decor, and Travel were the other major categories.

During the festive season, customer applications for BNPL went up by 10X with top categories being Smartphones, electronics, large appliances, fashion, furniture, and home decor. ZestMoney witnessed a 200% growth in transactions on Amazon, Flipkart, and Myntra compared to last year. While physical stores observed growth of 100% during the festive season compared to 2020.

The report also highlights the importance of collaboration between banks and fintechs to scale the adoption of BNPL and drive financial inclusion in the country. ZestMoney said it partners with 25 leading banks and NBFCs to service demand from customers. 

ZestMoney is the largest omnichannel Buy Now, Pay Later platform with 15 Mn registered users across the country. It has the largest network of merchants with 10,000+ online partners including the biggest e-commerce platforms like Amazon, Flipkart, Myntra, MakeMyTrip, Nykaa among others. It is also present at 75,000+ store partners including brands like Reliance Digital, Sangeetha Mobiles, Pai International, Pai Mobiles, and Poorvika Mobiles across the country.