The Business Bytes
TBB BUREAU
MUMBAI, APR 11, 2023
ICICI Bank on Tuesday announced that it has introduced an 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 the 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.
The facility can be availed across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. Customers can pay a transaction amount above Rs 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, ICICI Bank Head-Digital Channels & Partnership Bijith Bhaskar said, “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.
