Xiaomi India has unveiled cardless EMI service for its Mi Fans in partnership with ZestMoney on mi.com. This is India’s first of its kind EMI program which will enable several Mi Fans to avail the service without a credit card. The partnership will work by allowing customers to instantly checkout on Mi.com and pay later in EMI from 13 October onwards.
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.”
As part of the partnership, ZestMoney will provide the entire back end credit capability for Xiaomi India. Mi.com customers will go through a 100% digital process to get an approved credit limit. Mi Fans will be able to use this credit limit to pay for their order by using “Cardless EMI” at the checkout.
Mi.com on an average gets over 21 million unique visitors in one month and over 1 million daily active users. Mi Store app on Google Play has over 20 million app installs with more than 6 million organic downloads.
ZestMoney is a revolutionary new technology platform that enables consumers to pay for their shopping basket in easy monthly installments, without the need of a credit card or credit score. By using advanced machine learning algorithms coupled with proprietary risk engine, ZestMoney takes the risk out of lending to the “new-to-credit”, enabling millions more Indian consumers to shop online.
Lizzie Chapman, CEO & Co-Founder, ZestMoney said “We are excited to partner with Xiaomi in providing instant digital EMI. Because of recent advancements in digital authentication such as Aadhaar linked e-KYC, we are able to instantly sanction EMI via a completely digital paperless process. Through our partnership with Xiaomi, we will make it easier for millions of Indians to own their favorite Xiaomi smartphone.”
ZestMoney works with 50+ e-commerce companies including marketplaces, category leaders and other high growth companies. It has extended credit limits of $50mn to its registered users across 750+ locations till date. The 2 year old company is backed by leading global digital financial services investors like PayU, Ribbit Capital and Omidyar Networks among others.