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Xiaomi India, ZestMoney Partner to Offer Cardless EMI Option on Mi.com

Xiaomi India has partnered with ZestMoney to allow a new form of EMI options to its MI.com visitors, without the need of a Credit Card.

News18.com

Updated:October 13, 2017, 1:11 PM IST
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Xiaomi India, ZestMoney Partner to Offer Cardless EMI Option on Mi.com
Xiaomi has partnered with ZestMoney to allow Credit Card- less EMI options to its consumers. (Image: REUTERS/Edgard Garrido/files)
Xiaomi India has today announced cardless EMI service for its Mi Fans in partnership with ZestMoney on mi.com. With this partnership, Mi Fans will be able to avail the EMI program without a credit card. The partnership will work by allowing customers to instantly checkout on Mi.com and pay later in EMI from 13 October onwards.

Raghu Reddy, Head – Online Sales, Xiaomi India said, “By addition of affordable EMI options without Credit Cards, we hope to provide a comprehensive purchasing experience for Mi Fans on mi.com.”

As part of the partnership, ZestMoney will provide the entire back end credit capability for Xiaomi India. Mi.com customers will go through a digital process to get an approved credit limit. Mi Fans will be able to use this credit limit to pay for their order by using “Cardless EMI” at the checkout.

ZestMoney is a technology platform that enables consumers to pay for their shopping basket in easy monthly instalments, without the need of a credit card or credit score. By using advanced machine learning algorithms coupled with proprietary risk engine, ZestMoney enables more consumers to shop online.

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Lizzie Chapman, CEO & Co-Founder, ZestMoney said: “Because of recent advancements in digital authentication such as Aadhaar linked e-KYC, we are able to instantly sanction EMI via a completely digital paperless process.”

ZestMoney works with 50 plus e-commerce companies including marketplaces, category leaders and other companies. As per the company, it has extended credit limits of $50 million to its registered users across 750 plus locations till date. The 2-year-old company is backed by global digital financial services investors like PayU, Ribbit Capital and Omidyar Networks among others.

Watch Video: Xiaomi Mi Mix 2 Review | The Premium Xiaomi For India | News18 Tech


 

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