Generation Now Payment Method: Cardless EMI

Cardless EMI is a checkout payment method that allows customers to convert their payment amount to EMIs. The user doesn’t require a debit or credit card. The payments are made via credits approved by the supported Cardless EMI payment partner. The most common implementations of Cardless EMI are used by online shopping websites, financial service companies, utility service providers and telecom companies.

To improve online payment flexibility, the Cardless EMI option is available on Checkout with custom UI integration methods for web, mobile web and mobile (Android and iOS) platforms.

What is Cardless EMI? is a checkout payment method that allows customers to convert their payment amount to EMIs. This feature is useful for users who do not own a credit or debit card. The payments are made via credits approved by the supported Cardless EMI payment partner

Cardless EMI adds value to both the merchant and customer by increasing the checkout conversion rate and reducing the fraud rate. To improve online payment flexibility, Cardless EMI option is available with custom UI integration methods for web, mobile web and mobile (Android and iOS) platforms.

While the introduction of BNPL may have made it seem like a free-for-all for customers looking to make impulse buys, they are also helping increase footfalls at small businesses more than ever before. In a recent interview, Mswipe CEO Ketan Patel said that EMI transactions on Mswipe terminals are 3X compared to last year, with merchants enjoying services at an affordable cost through POS machines and Pay by Link. “We are excited to partner with KreditEbi as this partnership will help in improving the checkout process significantly and reduce the time taken to complete the purchase,” he said.

The use of debit and credit cards has increased significantly in the last decade, and the trend is expected to continue. The RBI, under the Payment and Settlement Systems Act 2007 (PSS Act), has mandated that all inter-bank fund transfers be completed using Real Time Gross Settlement Systems (RTGS) by April 2018.

As a result, there will be a shift towards card usage. The primary obstacle to this transition, however, is that many small businesses are unable to handle credit card transactions due to the high commission rates charged by banks and payment gateways/acquirers. This problem can be solved by adopting mobile point of sale (mPOS) payments, which use smartphones and micro-ATMs instead of traditional POS terminals.

In response to this need, Mswipe has partnered with Kreditebi to offer its merchants a complete mPOS solution. By offering cardless EMI—a feature that allows customers to buy goods online without possessing a credit card or going through a traditional bank account—and Pay by Link—which enables consumers to pay for purchases via bank accounts linked to their mobile numbers—on its mPOS devices, Mswipe is helping small businesses attract new customers while increasing footfall for existing ones. KreditBee’s partnership with

Under the ‘Cardless EMI’ option, KreditBee will provide ‘Buy Now Pay Later’ options for purchases up to Rs1 lakh and the transactions can be converted into EMI ranging from 3 to 12 months. Customers can shop in retail stores with an easy and flexible ‘Cardless EMI’ for their purchase needs.