ICICI Bank launches ‘InstaFX’ mobile app for forex partners to help customers obtain

ICICI Bank launches ‘InstaFX’ mobile app for forex partners to help customers obtain
ICICI Bank Forex Prepaid Card swiftly

 

·         The app allows authorised money changers to complete KYC verification of new customers digitally

·         All customers, even if they are not customers of ICICI Bank, can get the Bank’s forex card swiftly

·         First bank in the country to offer such facility

 

ICICI Bank today announced the launch of a new mobile application for authorised money changers to help customers of any bank get ‘ICICI Bank Forex Prepaid Card’ swiftly. Called ‘InstaFX’, the app enables the authorised money changers, who are partners of the Bank, to complete the KYC verification and validation of customers digitally and on a real-time basis. This facility significantly improves customer convenience as the ‘ICICI Bank Forex Prepaid Card’ gets activated swiftly within a few hours, as against the industry practice of upto two-days. ICICI Bank is the first bank in the country to offer such facility to money changers.

 

Speaking on the initiative, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. In recent years, we have leveraged technology to introduce a slew of convenient and digital retail products that can be availed quicker than their available counterparts in the industry. This new app, ‘InstaFX’, is yet another addition to the series of such products and offerings. 

 

The app enhances convenience of customers, even if they are not customers of our bank, as it facilitates swift activation of the ‘ICICI Bank Forex Prepaid Card’. For example, if customers apply for it through this process while leaving a domestic airport, the ‘ICICI Bank Forex Prepaid Card’ will be ready to use even before they reach their international destination. The app makes the overall customer journey of availing ‘ICICI Bank Forex Prepaid Card’ more seamless, frictionless and fast.”

  

Here are the key features of ‘InstaFX’:

 

·         Real-time Permanent Account Number (PAN) validation: The app enables money changers to validate the customer’s PAN from NSDL, the customer’s name and date of birth from his/her PAN card as well as the status of the PAN card instantly

·         Real-time passport validation: The money changers can validate the customer’s passport instantly through the MRZ code and further against PAN data for name and DOB.

·         Instant photo: The customer’s live picture can be captured and validated against their passport photo.

 

The ‘InstaFX’ app can be downloaded and operated from any android devices.

 

Customers can avail the ‘ICICI Bank Forex Prepaid Card’ by visiting the partner money changer outlets in cities or at airports across the country.

ICICI Bank introduces Cardless EMI a new digital mode of

 ICICI Bank introduces ‘Cardless EMI’, a new digital mode of payment

 

·         First bank in the country to offer this facility

·         Customers can now buy high value items just by using mobile phone and PAN in lieu of wallet or cards

·         Lakhs of pre-approved customers can instantly convert high-value transactions into no-cost EMIs

 ICICI Bank today announced the launch of a fully digital mode of payment at leading retail stores. Called ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments), the facility enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances just by using their mobile phone and PAN in lieu of wallet or cards. They can convert the high-value transactions into easy, no-cost monthly instalments by simply putting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at the retail outlets.

 

ICICI Bank is the first in the industry to introduce a fully digital, cardless EMI facility at retail stores. The Bank has tied up with Pine Labs, a leading merchant commerce platform, to offer this facility across pan-India outlets of leading retailers namely Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these stores, customers can avail the ‘Cardless EMI’ facility to purchase electronics from leading brands like Carrier, Daikin, Dell, Godrej, Haier, HP, Lenovo, Microsoft, Motorola, Nokia, Oppo, Panasonic, Toshiba, Vivo, Whirlpool and MI. The Bank will add many more brands as well as retailers under this facility in near future.

 

Speaking on the initiative, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free. Purchasing home appliances, mobile phones and gadgets on EMI is a known consumer behaviour in India. We have seen large number of consumer durables are purchased by using EMI facilities on credit and debit cards.

 

In order to provide further convenience, we are 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. We believe this facility will empower lakhs of pre-approved ICICI Bank customers in the on-going festive season to purchase products of their choice in a completely contactless, digital and secure manner.”

 

Mr. Amrish Rau, CEO, Pine Labs added, “The beauty of ‘Cardless EMI’ is that it is a very complex programme to develop, yet it is extremely secure. We hope this will open new consumer segments and give access to shop-now-pay-later at more 1 lakh Pine Labs merchants across India. We are very excited to partner with ICICI Bank on this cutting edge technology programme.”

 

Benefits for lakhs of ICICI Bank’s pre-approved customers:

·         No-cost EMI without using a card: Customers get no cost EMI on leading brands at leading retailers without using cards

·         No processing fee: The Bank doesn’t charge any processing fee for this facility

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

·         Wide transaction limit: Customers can get pre-approved limit for purchases from Rs. 10,000 to Rs.10 lakh

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

·         Exclusive convenience: No other bank in India offers this convenience

 

Here are simple steps to avail the ‘ICICI Bank Cardless EMI’ facility:

·         Select product at store > Mention willingness to avail ‘Cardless EMI’ to store representative

·         Enter the registered mobile number on the PoS terminal > Enter PAN> Receive OTP > Enter OTP on PoS terminal

·         Transaction gets approved at this stage instantly.

 

ICICI Bank customers can check their eligibility for ‘Cardless EMI’ by sending SMS ‘CF’ to ‘5676766’ or check the offers section on iMobile app

 

To know more about the ‘ICICI Bank Cardless EMI’ facility, visit:

https://www.icicibank.com/Personal-Banking/loans/cardless-emi/index.page