The Mobile Store, a giant cellphone Retail Chain which has 800 Out-late across India, with Innovative Embedded ( A Firm at Bangalore) developed a new Technic which enables you to avail EMI option via. your Debit Card. As it is a very innovative as well as useful Technic, both firms is going to patent it.
As per The Mobile Store (which has 90% shares of Essar and 10% of ILFS), Debit Card transaction system can be expanded unlimited because at present Debit Card customers are almost 10 times more than Credit Card customers. As per CEO of The Mobile Store (Himanshu Chakrawarti), even EMI is best offer for customers it only 30% share in overall Credit Card transactions.
As per Mr. Chakrawati, company have apply for 5 methods of check-out for patent. Customer just have to swipe his Debit or ATM Card and also have to fill a mended form. It will convert the whole amount into small instalments. First instalment amount deducts from customer account and remaining amount will be paid in equal instalments.The Mobile Store decides to provide this facility after consulting Debit Card issuing Bank that whether customer is eligible to have EMI or not. For this purpose, it will check customers saving account, its record, Fixed Deposits, Salary Record and Loan Info. If all Information is satisfactory to The Mobile Store, customer can avail EMI option on his Debit Card.