ZestMoney is the fastest way for consumers to pay using digital EMI, without the need of a credit card or a credit score.
OverviewBack to top
ZestMoney is a payment platform that enables customers to buy high-priced items on EMI without using a credit card. Although the number of debit and credit cards is increasing, most Indians prefer debit cards over credit cards. If we look at the statistics released by the Reserve Bank of India in March 2016, a total of 661.8 million debit cards and only 24.51 million credit cards were in operation.
More often than not, customers wish to shop online, but don't because either they don't have a credit card or do not know about credit card purchases. But the good news is you can make EMI-based purchases without using a credit card. This is what we, at ZestMoney, are aiming for- give people a chance to buy products on EMI but without involving credit cards.
Backed by some of the reputed investors from the financial investment domain, we seek to use data science and technology for improving credit delivery in India. Since many Indians are new to the credit system, our products aim to simplify methods of credit assessment and approval. You can now buy mobile phones, gadgets, jewellery, and all your favourite things from our partner merchants' website and pay in easy installments- all without using a credit card.
This extension is free to integrate but there is an additional charge for using our service. You'll need a partner account with us before integrating this plugin. Sign up here to create one - zestmoney.in/merchant/
Visit www.zestmoney.in for more information or to signup with ZestMoney.
ZestMoney is available at the checkout of prominent e-commerce websites.
We have partnered with some of the best e-commerce portals for offering the best possible service to our valuable customers. When you shop on any of our merchant's website, you will find ZestMoney on the checkout page. However, as a payment option, we maintain the full security of your transactions and ensure that you get authentic products. We don't work with e-commerce portals who don't meet our quality and security standards.
ZestMoney leverages technology and data science
Our ZestMoney extension functions as an EMI-based method of payment on the merchant's website. After installing and configuring the ZestMoney extension, it will add a few features to the front end and back end.
The front end features the product display page, where a modal-based widget providing EMI plan details is displayed. The front end also provides details of the various steps involved in the loan application process. The back end gets a check-out page widget, which shows up while selecting the payment. The check-out page widget also features a totality of EMI plans.
Configuration and the checkout process
The Magento Admin Panel helps you configure your ZestMoney account. You need to go to “systems”, after which you can configure your account under “configuration”. You will be redirected to the “sales” page of the merchant's website, where you get a list of “payment methods”. Once you select your payment method, you can click on ZestMoney and configure “Basket amount min/max”, “Client Id”, “ZestToMerchant”, “MerchantToZest”, “Categories” etc provided by ZestMoney.
We offer two options on the order view page of the merchant's website: Zest Status and Zest Delivery. With the help of these two buttons, you can check the status of your order and send delivery notifications to ZestMoney. If you send the delivery status, you will be ensured that the loan amount will be settled between you and ZestMoney. Our credit package is aimed at e-commerce platforms and merchants for enabling EMI payments through ZestMoney.
Key features of ZestMoney
Shop online with easy EMI payments without a credit card
The whole process is done completely online
Instant credit assessment and approval
Easy account opening process
No prepayment penalties involved
No hidden costs
Transparency in fee structure
As India is transforming into a cashless society, the demand for credit cards has risen significantly. But a large chunk of the Indian population has no access to digital or cashless means of exchange. In order to provide reliable credit and empower Indian lives, we have emerged as a useful medium. Our platform aims to put data science and technology in the forefront for improving credit delivery across the country.
We are targeting the country's population that does not have a credit card. In order to give them a taste of online shopping, we help them in creating a virtual EMI-based loan at different e-commerce merchants' websites. Since ZestMoney does not depend on credit cards to provide loans, people can shop online without worrying about hefty monthly instalments.
ZestMoney creates a win-win situation for both buyers and sellers by enabling buyers to make EMI-based purchases and giving sellers an opportunity to earn more sales revenue. Moreover, we help you get amazing products at a fair monthly EMI without you going through the cumbersome process of credit assessment and approval.
Release NotesBack to top
- Compatible with Open Source (CE) : 1.9 1.9.1 1.9.2 1.9.3
- Stability: Beta Build
New ReleaseMagento extension
In order to use ZestMoney payment gateway in your Magento store, please install using Magento Connect. It is recommended to take the backup of your server and check the payment method in staging or test server before moving to a live site. For that you can select ‘Sandbox Mode’ while using ZestMoney, and test the functionality on our test server first.
To configure the payment method please follow the below steps.
After installing the extension in your webserver you can able to see the new payment method 'ZestMoney Checkout' in the place of Admin->System->Configuration->Payment Methods. In case if you are not able to see the payment method, please clear all your Magento cache from the server, and try again.
i) You will get the credentials from the ZestMoney when you sign an agreement with us.
ii) Fill the client id and client secret/password, api password fields with your account details.
iii) ZestMoney has range of price for which order can be placed. The threshold level lies between 5000 to 50000 which was auto filled in the corresponding fields(minimum order total and maximum order total). The merchant should change this level with the merchant agreement values.
iv) Select the new order status field from the field(New order status). The order status only with the state 'new' can be listed here. It is recommended to keep the order status as pending for new order.
v) Enable jquery field to 'yes' only if the jquery library files not pre-used in the website else keep this field as 'no'.
vi) In Generate auto invoice on order processing, when ZestMoney approving the loan if merchant want to create the invoice automatically keep the field as 'Yes' else keeps as 'No'. It is recommended the keep the field as 'No' in default.
vii) Enable 'Send invoice email' field, if you wish to pass invoice email to customer when zest processing and generating the auto invoice for your Magento order.
viii) Select email template 'Customer Email on ZestMoney decline'. The email template will be used from merchant to send customer from merchant website.
ix) Select any customer group on 'Get pre-approved ZestMoney customers in group'. In the business point of view, if the ZestMoney pass pre enrolled customers to merchant, the merchant can get the additional customers in the selected group.
x) Use 'Allowed categories' option, if the merchant want to use ZestMoney emi option only for selected categories in their website. For example if the merchant selling gold category, platinum category products and silver category products. And they want to use zest emi only for platinum category products means they can select the category here. In default, all(All categories) option was selected.
x) Enable debug mode, only if you need to debug the order request passing to ZestMoney else keep the debug mode as 'no'.
xi) Please clear and flush all your caches.
Once you done with the above steps. Now you are set! ZestMoney payment gateway should be activated in your web-store.
ZestMoney product page widget: In the product detail page, the product having the amount within the price-range can see the ZestMoney product page widget.
ZestMoney payment checkout: If the quote grand total amount is within the ZestMoney threshold level means new payment method ZestMoney will get listed in the payment method step.
ZestMoney checkout widget: In review step of the checkout page, the ZestMoney emi widget will show based on the amount of grand total.
When completing the checkout page successfully the user will get redirected to ZestMoney website to complete the application.
User journey in ZestMoney website.
i) once the user complete the loan process successfully in the ZestMoney site, the order status in Magento continuously remains in pending status.
ii) If the user failed to complete the loan process(i.e if he/she exit in the middle of the step before downpayment), The placed order will get moved to ZestMoney timeout status.
Order update in merchant
As per the response from the ZestMoney order listener api, merchant website order status get updated. In case of live response for the order, the invoice of the order will generated automatically and the order status moved from pending to processing status. Once the order moved to processing status, then the user will receive the new order email from the merchant website. During the auto invoice generation in the merchant website, if the merchant enabled the option 'Send Invoice email' in system->config->payment->ZestMoney. User will receive the invoice email.
In case of cancelled(Declined, TimeoutCancelled, Cancelled) response from the zest, the order status will get moved to cancelled(Zest Declined) and the inventory of the order will reverted back.
Order delivery in merchant.
After merchant delivering the product, click the 'Zest delivery' button which shows two options 'Delivered' and 'Refused'. If the customer accepted the product, the merchant can click 'Delivered' button. If the customer refused the product the merchant can click the 'Refused' button which will change the delivery status in the loan.
Refund from merchant.
If the customer returned the product after some days the merchant can raise the refund request for that order from invoice section.