ICICI Bank launches EMI service for UPI payment by scanning QR code, customer will get benefit

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ICICI Bank has launched Easy EMI facility for UPI payments made by scanning the QR code. Customers eligible for PayLater, the bank’s ‘Buy Now, Pay Later’ service can avail EMI facility in a quick, easy and seamless manner.

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This first of its kind facility will benefit lakhs of customers of the bank. Now customers can buy products or services instantly by scanning the merchant QR code at the store and paying in EMIs.

According to ICICI Bank, the Boy Now Pay Later facility can be availed across multiple categories such as electronics, groceries, fashion apparel, travel and hotel bookings. Customers can pay for transaction amounts above ₹10,000 in easy installments over three, six or nine months. The bank has said that the EMI facility for pay-letters will soon be extended for online purchases as well.

Bijith Bhaskar, Head, Digital Channels & Partnerships, ICICI Bank said, “We at ICICI Bank are always on the lookout for new products and services to improve the convenience of our customers. We aim to provide solutions to meet the evolving credit needs of our customers. We have seen that nowadays maximum payments are done through UPI.

Customers are increasingly opting for UPI transactions through PayLater, the bank’s ‘buy now, pay later’ service. Keeping these two trends in mind, we are introducing the facility of Instant EMI for UPI payments made through Paylater.

ICICI Bank was the first bank to launch PayLater facility in 2018, which enables customers to buy small ticket size items instantly, in a completely digital and paperless manner. PayLater feature enables customers to shop online, pay bills and make payments instantly at any merchant UPI ID store.

Simple steps to avail EMI facility on PayLater

  • Visit any physical store and choose your favorite product or service
  • Use iMobile Pay app for payment and select the option ‘Scan any QR’.
  • Opt for PayLater EMI if the transaction amount is Rs.10,000 or more.
  • Choose a tenure of 3, 6 or 9 months for EMI payments.
  • Now confirm the payment and the transaction will be successfully completed.

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