The MobileStore offers EMI to users without credit cards

Mobile phone retail chain The MobileStore on Monday launched a new instalment scheme for consumers to buy devices on EMI (equated monthly installments) without a credit card across five cities in the country.

The personal finance option, introduced in Mumbai, Delhi, Pune, Kolkata and Chennai, will allow consumers to buy smartphones by submitting their Know Your Customer (KYC) documents, The MobileStore (TMC) said in a statement.

The company has partnered with Japanese company AEON Credit Service India to introduce this solution in order to target the base of consumers without a credit card.

"EMI schemes have always played a crucial role in making high-end smartphones affordable for the Indian consumers.

However, such schemes have only been restricted to credit card holders," The MobileStore CEO Himanshu Chakrawarti said.

There are 18-19 million credit card holders in the country and the numbers are growing at a slow pace.

"An EMI solution without a credit card opens-up the smartphone market to a significantly larger group of consumers, who do not own a credit card," he added.