EMI facility for UPI payments introduced by ICICI Bank, Check details

One of the top banks in India, ICICI Bank, has unveiled a new feature that enables users to convert their UPI payments into EMIs (Equated Monthly Installments). Customers who qualify for PayLater, the bank's "buy now, pay later" service, can use the EMI facility right away, simply, and without any hassle. This ground-breaking technology improves the affordability of the Bank's customers by enabling them to instantly purchase goods or services by simply scanning the necessary merchant QR code at a store and making EMI payments.

The service is available for a wide range of items, including gadgets, food, clothing, travel, and hotel reservations. Consumers may pay transaction amounts over 10,000 in three, six, or nine convenient installments and soon the online shopping will be able to use the EMI option for PayLater. ICICI Bank's Head of Digital Channels & Partnership, Mr. Bijith Bhaskar, said on the new facility: "We, at ICICI Bank, always aim at offering products and services to improve convenience for our clients and to deliver cutting-edge solutions to satisfy their changing credit demands. We have seen that UPI is now used for the majority of payments. Also, we have noticed that consumers are choosing UPI transactions from PayLater, the Bank's "buy now, pay later" service, more frequently.

We are introducing the option of quick EMI for UPI payments made through PayLater, combining these two trends. With this feature, thousands of our clients who are using UPI to pay by scanning a QR code from a retailer may purchase mid-range to expensive items and pay in convenient EMIs. We firmly believe that by enabling our customers to buy expensive goods on EMIs in a safe, quick, and digital way, this facility greatly improves their affordability. In 2018, ICICI Bank became the first bank to offer the PayLater feature, allowing customers to instantly purchase small ticket items in a fully digital and paperless fashion. Customers can instantaneously shop online, pay bills, and transfer money to any merchant UPI ID at physical stores using the PayLater function.

How to avail the EMI facility on PayLater?

Visit any real retailer

Now, select the goods or services you want.

For payment, use the iMobile Pay app

Select the "Scan any QR" option

Use the PayLater EMI option, if the transaction amount is more than Rs. 10,000.

Choose a duration of 3, 6, or 9 months.

Confirm and the deal is successfully closed.