Xiaomi announced EMI option for people who want EMI option without a credit card. In a recent partnership with ZestMoney, an online credit card platform, Xiaomi added an option to purchase Xiaomi products with an easy monthly installment on Mi.com.
Raghu Reddy, head of online sales at Xiaomi India, said in a statement,
“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 addition of affordable EMI options without credit cards, we hope to provide a comprehensive purchasing experience for Mi fans.”
ZestMoney is an e-commerce portal that allows users to pay orders in monthly installments without the need of a credit card. With ZestMoney, users can now pay on EMI basis for Xiaomi related products on Mi.com. An option for ZestMoney pay has added to the online Mi Store during checkout.
Chapman, CEO of ZestMoney, said that the company sees the most credit purchases in tier-2 and tier-3 cities where credit card penetration is lower than that in the metro cities. The company claims that it receives applications for the credit worth $10 million on a monthly basis.
“ZestMoney has been growing very rapidly over the last 12 months; demonetization happened during this growth phase and we definitely think it provided some momentum. Indian e-commerce companies decided to add many more digital payment methods at that time and actively reduce their dependency on cash on delivery”, Chapman added.
