Xiaomi India ties up with ZestMoney for cardless EMI facility

Xiaomi India on Friday announced a partnership with ZestMoney that will allow customers to buy Xiaomi products on EMI, without needing a credit card.

"By addition of affordable EMI options without credit cards, we hope to provide a comprehensive purchasing experience for Mi Fans on Mi.com," said Raghu Reddy, Head - Online Sales, Xiaomi India, in a statement.

As part of the partnership, ZestMoney will provide the 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.

"With the advancements in digital authentication such as Aadhaar-linked e-KYC, we are able to instantly sanction EMI via a completely digital paperless process," Lizzie Chapman, CEO and Co-Founder, ZestMoney, added.

Xiaomi currently has a 46.9 per cent share of the online smartphone market. Mi.com on an average gets over 21 million unique visitors in one month and over a million daily active users, the company said.

ZestMoney works with 50+ e-commerce companies including marketplaces and other high growth companies. It has extended credit limits of $50mn to its registered users across 750+ locations till date. The two-year old company is backed by leading global digital financial services investors like PayU, Ribbit Capital and Omidyar Networks among others.