The MobileStore has tied up with Innoviti Embedded Solutions to offer EMI options on debit card to consumers.
Innoviti and The MobileStore have also filed a patent for commercialization in India and other markets worldwide.
The MobileStore will be able to offer EMI options to over 200 million consumers in India. This is a significant step for the retail chain as this market has ten times the size of the existing credit card market.
India’s largest mobile retailer says EMI on debit card is a new method in which credit can be made available to consumers without a credit card. This can be done at the point of sale through a simple swipe of their debit/ATM card or online.
The company is tapping a big market as statistics show that 67 percent of consumers buy high end smart phones using cash.
Himanshu Chakrawarti, CEO, The MobileStore, said: “The MobileStore has already commercialized this concept last year in a pilot run carried out from November to January in some of our stores in India. Based on the responses from consumers we now intend to implement this across all our stores in India.”
