Good news for the Mi fans. Last Friday, Xiaomi announced a partnership with ZestMoney. This partnership marks the beginning of purchasing Xiaomi products on EMI, without needing a credit card, from the company’s website Mi.com.
Customers of Xiaomi’s Mi Store will have to go through an online process to get an approved credit limit from ZestMoney before they can make the EMI purchases
In his statement, 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 EMIs is a step forward in that direction. By the addition of affordable EMI options without credit cards, we hope to provide a comprehensive purchasing experience for Mi fans.”
However, the customers will have to go through a digital process to get an approved credit limit. ZestMoney, an e-commerce portal, has their own machine learning algorithms coupled with a proprietary risk engine which decides the creditworthiness of a buyer. Lizzie Chapman, CEO and Co-Founder of ZestMoney added, “With the advancements in digital authentication such as
Aadhaar-linked e-KYC, we are able to instantly sanction EMI via a completely digital paperless process.”
The Mi customers can select“cardless EMI” at the time of the checkout.According to the company, Mi.com currently gets an average of over 21 million unique visitors in a month. So, with the introduction of cardless EMI, Xiaomi is all set up to give a tough competition to their rivals.