ICICI Bank has introduced an EMI facility for Unified Payments Interface (UPI) payments made by scanning QR codes.
ICICI Bank is the first bank in the country to introduce this feature for its customers.
Now, ICICI Bank customers can go to a store, scan the QR code, and pay in easy instalments. Customers who are eligible for ICICI Bank PayLater, the bank’s ‘buy now, pay later’ service, can avail of the EMI facility for UPI payments.
Facility is available for what amount?
The transaction amount has to be more than Rs 10,000 to be converted into EMIs. ICICI Bank users will get three instalment options to choose from: three months, six months, and nine months.
EMI can be used for what purpose?
The newly launched PayLater EMI facility for UPI payments can be used to purchase electronic items, groceries, and apparel. It can also be used for travel and hotel bookings.
However, the EMI facility for UPI payments is not currently available for online shopping.
In a press release, the bank stated, “This first-of-its-kind facility enhances affordability for 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.”
As per a Business Standard report, Bijith Bhaskar, Head-Digital Channels & 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”.