Mumbai: ICICI Bank today announced that it has introduced easy EMI facility for UPI payments made by scanning QR code. Customers eligible for PayLater, the Bank’s ‘buy now, pay later’ service can avail of the EMI facility in an instant, easy and seamless manner. This first-of-its-kind facility enhances affordability of lakhs of the Bank’s customers as they can now instantly buy products or services just by scanning the required merchant QR code at a store and making payments in EMIs.
- Customers can avail of the facility using PayLater, the Bank’s ‘buy now, pay later’ service
- First bank to offer such a facility
- Lakhs of customers of the Bank can opt for flexible EMIs of 3, 6 or 9 months
The facility can be availed across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. Customers can pay transaction amount above ₹10,000 in easy instalments in three, six or nine months. The EMI facility for PayLater will shortly be extended for online shopping as well.
Talking about the new facility, Mr. Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank, said “We, at ICICI Bank, always aim at launching products and services to improve convenience of our customers and to provide unique solutions to address their evolving credit needs. We have seen that maximum payments these days are made through UPI. In addition, we have observed that customers are increasingly opting for UPI transactions from PayLater, the Bank’s ‘buy now, pay later’ service.
Combining these two trends, we are introducing the facility of instant EMI for UPI payments done through PayLater. With this facility, lakhs of our customers making UPI payments by scanning a merchant QR code can shop for mid to high value items and pay in easy EMIs. We believe, this facility provides immense convenience and improves affordability of our customers, as they can purchase high-value products on EMIs in a secure, instant and digital manner.”
ICICI Bank was the first bank to introduce PayLater facility in 2018 to enable customers to buy small ticket items immediately in a completely digital and paperless manner. PayLater facility enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.
Below are easy steps to avail the EMI facility on PayLater:
- Visit any physical store and choose your preferred product or service
- To make the payment, use iMobile Pay app and choose ‘Scan any QR’ option
- Select PayLater EMI option if transaction amount is ₹10,000 or more
- Select tenure among 3, 6 or 9 months
- Just confirm the payment and the transaction is completed successfully