Xiaomi India has partnered with Zest Money with an aim to offer cardless EMI payment solution on Mi.com for users who wish to buy Mi phones but don’t have a credit or debit card. Xiaomi says that this is one of a kind payment solution and will enable Xiaomi fans to buy phones and pay later in EMI. The entire back-end credit card capability for Xiaomi India will be provided by Zest money.
There will be a credit limit which is set by Zest and users can take advantage of it and pay for the products that they wish to purchase on Mi.com enabling a cardless EMI payment. Zest money is a new technology platform that allows consumers to pay for their shopping in easy monthly installments, without the need of a credit card or credit score. It is currently working with 50+ e-commerce companies including marketplaces, category leaders, and more. The company has extended credit limits of $50mn to its registered users across 750+ locations till date. Zest money is backed by leading global digital financial services investors like PayU, Ribbit Capital and Omidyar Networks among others.
Commenting on the same, Raghu Reddy, Head – Online Sales, Xiaomi India said,
Our vision is to make high end technology available to everyone and our partnership with Zestmoney for cardless EMI’s is a step forward in that direction. Xiaomi is currently the number one brand in the online smartphone market with 46.9% market share and a significant portion is attributed to mi.com. By addition of affordable EMI options without Credit Cards, we hope to provide a comprehensive purchasing experience for Mi Fans on mi.com. We were impressed with ZestMoney’s credit and technology capability and are happy to partner with them in this journey.