Financial news

Customers of ICICI Bank can now pay their EMIs for UPI payments by simply scanning the QR code. This is eligible for PayLater, which is the bank’s ‘buy now, pay later’ service that offers EMI facility instantly and seamlessly. These EMI options vary from 3,6 and 9 months.

This enables affordability for lakhs of the bank’s customers as they can instantly buy products and services by simply scanning the required amount on the QR code at any store while making payments in EMI.

It is open to categories spread across electronics, groceries, fashion apparels, travel and hotel bookings. Here, customers can pay a transaction amount over 10,000 rupees in installments spanning over three, six and nine months. ICICI Bank plans on expanding this facility for online shopping as well.

The process involves customers visiting a store and using ICICI Bank’s Imobile app and choosing the ‘scan QR’ option. Post that, the PayLater option has to be paid if the transaction amount is Rs.10,000 or more and by clicking on the button the transaction is complete.

Talking about the new facility, Mr. Bijith Bhaskar, Head- Digital Channels & 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, 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. 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.”