Private lender ICICI Bank on April 11, 2023, 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, the Mumbai-based bank said in a statement.
“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,” it said.
The facility can be availed of across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. Customers can pay transaction amount above Rs 10,000 in easy instalments of three, six or nine months. The EMI facility for PayLater will shortly be extended for online shopping as well.
Talking about the new facility, Bijith Bhaskar, head, digital channels and partnership, ICICI Bank, 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. 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. 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.
How to avail of the EMI facility on PayLater?
Below are easy steps to avail of the EMI facility on PayLater:
Step 1: Visit any physical store and choose your preferred product or service.
Step 2: To make the payment, use iMobile Pay app and choose the ‘Scan any QR’ option.
Step 3: Select the PayLater EMI option if the transaction amount is Rs 10,000 or more.
Step 4: Select the tenure from among 3, 6 or 9 months.
Step 5: Confirm the payment and the transaction is completed successfully.
| Got any questions or point of view on our article? We would love to hear from you.
Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
