ICICI Bank has introduced an EMI facility for UPI payments made by scanning QR codes.
This move comes after the Reserve Bank of India (RBI) announced that individuals with pre-approved credit lines from banks can use them to make payments over the Unified Payments Interface (UPI).
Customers who opt for the bank’s ‘buy now, pay later’ service can now make use of the EMI facility for repayment, as stated by ICICI Bank in its recent release on Tuesday.
Bijith Bhaskar, Head of Digital Channels and Partnership at ICICI Bank, explained that with the increasing popularity of UPI payments and the rising number of customers using the bank’s ‘buy now, pay later’ service, the bank has introduced an instant EMI facility for UPI payments made through PayLater.
The banks have made it clear that the new facility of converting UPI payments into EMI can be utilized for a variety of categories such as electronics, groceries, fashion apparel, travel, and hotel bookings.
Currently, the bank allows transactions above Rs. 10,000 to be paid in easy installments of three, six, or nine months.
Additionally, the bank has stated that the EMI facility for PayLater will soon be extended to online shopping as well.
Follow these steps to avail ICICI Bank’s EMI facility through UPI
ICICI Bank has informed how the customers can avail the EMI facility on PayLater:
- Customers need to visit any physical store and choose their preferred product or service.
- To make the payment, use the iMobile Pay app, the official bank app, and choose the ‘Scan any QR’ option
- Select the PayLater EMI option if the transaction amount is Rs 10,000 or more.
- Select the tenure of repayment, it could be 3, 6, or 9 months
- Confirm the payment and the transaction is completed successfully
