Good News of the Day: ICICI Bank introduces UPI-based EMI facility for customers
Customers who qualify for ICICI Bank's "PayLater" buy now service can avail the UPI-based EMI facility. Transactions above Rs 10,000 can be paid in installments of 3, 6, or 9 months. The bank plans to introduce the EMI feature for online shopping soon.
Information
ICICI Bank has become the first lender to enable an EMI facility for UPI payments, within a week of RBI Governor Shaktikanta Das' announcement of sanctioned credit lines through UPI. Customers can now make EMI payments through UPI for various categories including electronics, groceries, travel, and more.
ICICI Bank announced on Tuesday that customers can now use the EMI facility for UPI payments by scanning the QR code. This is the first time such a facility has been introduced and can be used for multiple categories, such as fashion apparel, hotel bookings, and more.
Who can avail this Facility?
Customers who qualify for PayLater, ICICI Bank’s 'buy now, pay later' service, can take advantage of the EMI facility. According to the private lender, this novel feature will make millions of its customers' lives more affordable, allowing them to buy products or services by scanning the necessary merchant QR code at a shop and making EMI payments immediately.
Transaction Limit
Customers who are eligible for ICICI Bank's "PayLater" service can make EMI payments for transactions above Rs 10,000 in easy installments of 3, 6, or 9 months. The bank is planning to extend the EMI facility for online shopping soon.
ICICI Bank launched the PayLater facility in 2018 as a completely digital and paperless way for customers to buy small ticket items immediately. With PayLater, customers can make online purchases, pay bills, and instantly pay any merchant
Follow These Steps to avail the EMI Facility on PayLater
Go to a physical store and select the product or service you want to purchase.
Open the ICICI Bank's iMobile Pay app and select the "Scan any QR" option to make the payment.
If the transaction amount is above Rs 10,000, choose the PayLater EMI option.
