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Xiaomi partners with Zest Money to offer Cardless EMI Payments on Mi.com

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.