ICICI Bank on Tuesday announced that it has introduced an easy Equated Monthly Instalment (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.
According to the bank, 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.
Also Read: UPI Is Free And Safe! Customers Pay Nothing, Only PPI Merchant Transactions Pay Interchange Fee: NPCI
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, the bank’s ‘buy now, pay later’ service.”
Bhaskar added that combining these two trends, the bank is 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.”
Below are steps to avail the EMI facility on PayLater:
- Visit any physical store and choose your preferred product or service
- To make the payment, use iMobile Pay app and choose ‘Scan any QR’ option
- Select PayLater EMI option if transaction amount is Rs 10,000 or more
- Select tenure among 3, 6 or 9 months
- Just confirm the payment and the transaction is completed successfully
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