ICICI Bank Launches EMI For UPI: What Is It And How To Use It
ICICI Bank has launched an equivalent monthly instalment facility for UPI payments over ₹10,000 made via QR codes.
ICICI Bank on April 11 announced that it has launched an easy EMI service for UPI payments made via QR codes.
Acording to a press release, ICICI Bank stated that customers can now visit a store, scan the QR code, and make payments over ₹10,000 in easy instalments. However, it is crucial to note that only customers who qualify for ICICI Bank PayLater, the bank's buy now, pay later service, can use the EMI facility for UPI payments.
This first-of-its-kind facility increases the affordability for thousands of the bank's customers as they may now instantaneously purchase goods or services by just scanning the necessary merchant QR code at a store and completing the payment in EMIs. The service is available for a wide range of items, including gadgets, food, clothing, travel, and hotel reservations.
Customers may pay transaction amounts over ₹10,000 in three, six, or nine convenient instalments.
At the moment, online shopping does not support the EMI facility for UPI payments. However, the bank said that the EMI feature for PayLater would soon be extended to include online purchasing.
How Will ICICI PayLater EMI For UPI Payments Work?
Follow the steps mentioned below to know how to use it:
Step 1: Visit any physical retailer and select the goods or services you wish to purchase.
Step 2: Use the iMobile Pay app to complete the transaction, and then select the 'Scan any QR' option.
Step 3: If your transaction is for ₹10,000 or more, choose the PayLater EMI option.
Step 4: Choose the tenure ranging from three to six to nine months.
Step 5: Confirm the payment and the transaction will be properly completed.
Note: The ICICI Bank website states that the PayLater fees would be automatically deducted from your ICICI Bank savings account.
In 2018, ICICI Bank became the first bank to offer the PayLater feature, allowing consumers to instantly purchase small-ticket items in a fully digital and paperless fashion. Customers can immediately shop online, pay bills, and transfer money to any merchant UPI ID at physical stores using the PayLater function.
