Xiaomi India ties up with ZestMoney for cardless EMI facility

As part of the partnership, ZestMoney will provide the back end credit capability for Xiaomi India

By: INDO ASIAN NEWS SERVICE
| Updated on: Oct 13 2017, 19:50 IST
Now, you don’t need credit card to buy a Xiaomi device on EMI.
Now, you don’t need credit card to buy a Xiaomi device on EMI. (Arvind Yadav/HT PHOTO)

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.

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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.

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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.

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First Published Date: 13 Oct, 19:50 IST
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