Tag: ZestMoney

Business

ICICI Bank partners with ZestMoney to expand its ‘Cardless EMI’ facility

Jun 9, 2022 by Agency 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

Business

ZestMoney elevates Mandar Satpute as its Chief Banking Officer

Aug 19, 2021 by Rekha Nair 0 Comments #CFO & COO, #Chief Banking Officer, #co-Founder, #Mandar Satpute, #Priya Sharma, #ZestMoney

Bengaluru: ZestMoney, India’s largest and fastest growing Buy Now, Pay Later platform today announced that it has promoted Mandar Satpute to the role of Chief Banking Officer (CBO).

Prior to this, Mandar was Vice President, Banking partnerships. He has been with the company for more than 4 years and began his stint as Head of Partnerships in 2017.

This elevation comes at a crucial time for the company when it is doubling down on its partnership with banks and NBFCs as demand for BNPL has increased by 5X on its platform. The company now partners with close to 25 banks and NBFCs to power affordability for its 11 million registered customers.

Mandar is a career banker with more than 22 years of experience, having held senior positions at Citibank and TCS in diverse functions ranging from Relationships in Retail Banking, Corporate Banking, Sales & Business development to Financial Inclusion for PSU banks, Compliance and Audits. He has held leadership positions at Asian Paints and Philips Consumer Electronics.

Mandar will join Harshit Jain, Chief Strategy Officer and Natalia Lyarskaya, Chief Data Officer as part of the senior leadership team to further accelerate the adoption of BNPL in India.

Commenting on the announcement, Priya Sharma, CFO & COO, Co-founder, ZestMoney said, “We are delighted to have a person of Mandar Satpute’s stature who brings solid leadership experience in building and managing large teams and setting up strong systems driven organisations, as we scale our Ops set up. He is one of the senior most members of the Zest leadership team and has been a strong pillar of support over the past four years. As we cater to the massive demand for BNPL, partnerships with banks/NBFCs will be key. ZestMoney has been a pioneer in driving collaborations, Mandar will fortify our position in the market.”

Mandar Satpute, Chief Banking Officer, ZestMoney, said: “I am honoured to be leading a team of enthusiastic professionals. I look forward to working together and supporting to develop new product lines to offer to our lenders, while unlocking long-term value for our customers. With increased adoption of the BNPL financing option and the role of being an enabler for financial inclusion, I am excited to explore the new partnership opportunities presented by these themes.”

Mandar will lead the entire Lending Platform Operations, Lender Relationships, Business Operations and Collections going ahead. He continues to oversee Customer Operations, Collections and supply of Balance sheet to the platform.

He holds a bachelor’s degree in Engineering from College of Engineering, Pune and also has a Postgraduate Diploma in Management from the Indian Institute of Management, Calcutta.

ZestMoney is a leader in the BNPL space with a merchant network of over 10,000 online partners and 75,000 store partners. The company helps increase the affordability of their products and enables them to facilitate frictionless sales at a higher conversion rate, targeting a larger base of customers.

Business World

ZestMoney receives Great Place to Work® certification

Feb 17, 2021 by Neel Achary 0 Comments #India’s leading AI-driven EMI financing, #ZestMoney

Bengaluru: ZestMoney, India’s leading AI-driven EMI financing and “Buy Now Pay Later” (“Pay Later”) platform, announced that it is Great Place to Work-Certified™. The certification comes at a time when the entire team was working remotely for most part of last year due to the pandemic.

Every year, more than 10,000 organizations from over 60 countries partner with Great Place to Work® Institute for assessment, benchmarking, and planning actions to strengthen their workplace culture. Its methodology is recognized as rigorous and objective and is considered as the gold standard for defining great workplaces across business, academia, and government organizations.

“The well-being of our employees has always been the top priority for us at ZestMoney. We are proud of the culture we have built which is based on our core values of trust, transparency, and authenticity. This recognition is an acknowledgement of years of efforts to build a strong foundation – a highly innovative, fast paced culture where employees are genuinely friendly and nice to each other. We share very strong bonds and enjoy a high degree of camaraderie while working with each other”, said Priya Sharma, CFO, COO & Co-Founder of ZestMoney.

“Being certified as a Great Place to Work this year is particularly special as we faced the challenge of the pandemic – operating in an earlier unknown territory of being ‘fully remote’ and shaping a new normal. We doubled down on our employee efforts and came up with many innovative people practices during this period that helped us stand out”, added Priya.

At the onset of the pandemic, ZestMoney was mindful about the challenges and uncertainties ahead. The company was swift with its response and rallied teams together under a shared purpose, while ensuring regular communication with employees through varied channels. To encourage direct engagement and regular dialogue with the leadership, ZestMoney introduced Office Hours with Founders. This allowed any employee in the organisation a chance to allay any concerns they had.

The company also implemented a series of holistic programmes to boost employee morale and address their emotional, mental and psychological well-being. To help employees cope with the situation and transition, the company partnered with YourDost to offer online counselling sessions.

In addition to flexi working hours and mandatory vacation/time off, ZestMoney rolled out initiatives such as No meeting Tuesdays, Half-day FriYAYs, Lights Off, Chair to Home among other things.

ZestMoney also focussed on L&D through interactive training sessions and launched an e-learning allowance for all employees to pick up any course of their choice.

Business World

ZestMoney Paylater solution now available for Apple customers across India

Oct 23, 2020 by Gouri Achary 0 Comments #Apple customers, #Lizzie Chapman, #ZestMoney, #ZestMoney Paylater solution

ZestMoney, India’s leading AI-driven EMI financing and “Buy Now Pay Later” (“Pay Later”) platform, is now available as a payment solution to drive affordability for Apple product lovers across the country. As part of the partnership, customers can purchase their favourite Apple products by availing the flexibility of ZestMoney’s Pay Later option.

Customers can avail a credit limit from ZestMoney by completing digital KYC (online or in-store) and choose a repayment plan of their convenience at the time of purchase. The process to avail the service is completely paperless and digital, end-to-end, and can be done with no manual intervention required.

ZestMoney and Apple have designed various “Zero-cost” EMI schemes that customers can avail for the newly launched iPhone 12 and other Apple products.

The best part is that even people with limited or no credit history can avail this service from ZestMoney.

ZestMoney has a presence in over 5,000 stores, including exclusive Apple authorised reseller stores across the country. Customers can avail several exciting offers like Zero Cost EMIs, Zero processing fees and cardless credit approval in a matter of minutes.

Commenting on the development, Lizzie Chapman, CEO & Co-founder at ZestMoney said, “We are so excited that ZestMoney can power the dreams of Apple customers to afford their favourite Apple products. We are seeing a huge demand for iPhones, iPads, MacBooks and smartwatches at this time.

The popularity of Buy Now, Pay Later is playing out strongly for this premium category as people plan their finances better to make the most of their income in these difficult and uncertain times. Excitingly, we are seeing significant demand coming from Tier II and III cities, where we expect to drive significant growth in Apple ownership. We expect the demand to double during the festive season.”

While iPhones have long been popular and the demand for iPhone 11 continues to be high, work from home has led to an increase in demand for Macbooks and iPads too. Apple recently unveiled several new products like Apple Watch SE, Apple Watch Series 6, iPad Air, and the iPad 8th generation, among others. The new range is expected to further drive the demand in the category.

Interestingly, the demand for EMI and Pay Later solutions for Apple products is also increasing from Tier II and III markets. ZestMoney has already disbursed loans for customers in cities like Rajkot, Karim Nagar, Mehabub Nagar, Jalpaiguri and Chittoor, as well as others. Bangalore, Mumbai, Delhi, and Hyderabad continue to be the top Tier I market for Apple products, as expected.

ZestMoney’s Buy Now, Pay Later service will help several new-to-credit customers that dream of owning an Apple product but couldn’t due to issues of access to formal lending options.

Business World

EeVe India Partners with ZestMoney to Provide EMI Solutions to Customers

Sep 12, 2020 by Gouri Achary 0 Comments #: EeVe India, #Lizzie Chapman, #Mr Harshvardhan Didwani, #ZestMoney

Bangalore, 11th September 2020: EeVe India, a leading Electric Two-Wheeler manufacturing company in India has announced its partnership with ZestMoney, an AI-driven EMI financing platform to take ownership of electric vehicles affordable for people. With this collaboration, customers can buy EeVe India scooters through transparent EMI solutions.

With ZestMoney, even customers with no previous CIBIL score can get access to financing. The Buy Now Pay Later facility is available on all models of EeVe scooters like Xeniaa, 4U, Your and Wind. They are priced between Rs. 51,900-73,900.

The process to avail the service is paperless can be done remotely and will ensure instant approval of loans. Customers can complete KYC formalities online and choose EMI tenure of 3, 6 or 12 months for repayments.

Headquartered out of Bhubaneswar, EeVe is the first automobile player in Eastern India, currently has a network of 63 dealers and plans to have a presence in 200 different locations in this year.

Speaking on the new partnership, EeVe India Director and Co-founder Mr Harshvardhan Didwani said, “We are excited that our customers can now avail EMI options with EeVe India. At EeVe India, high-end technology and sustainability is our topmost priority. Our collaboration with ZestMoney will also stress upon contactless documentation during the COVID-19 situation.”

“Anyone and everyone can now book and enjoy a ride in our electric scooter through the available easy EMI options with ZestMoney.” he further added.

Commenting on the development, Lizzie Chapman, CEO & Co-founder of ZestMoney said, “We are seeing a massive demand for Electric vehicles on our platform. Apart from the convenience of digital credit, the partnership with EeVe will make electric scooters affordable for a large number of people. Our fully automated Buy Now, Pay Later solution is solving for a critical need in the testing times of COVID-19. We have always maintained that financing options will play a crucial role in reviving demand. With the festive season approaching, we expect consumer interest to further pick up.”