UPI payments made by scanning a QR code now have an Easy EMI option, according to ICICI Bank. Customers who qualify for the bank's "Buy Now, Pay Later" service, PayLater, can easily and quickly use the EMI option.
Thousands of the bank's customers will get benefit from this unique facility. Customers can now instantly buy goods or services by scanning the retailer's QR code at the store and making EMI payments.
According to ICICI Bank, the Boy Now Pay Later option is available for various purchases, including those for gadgets, clothing, travel, groceries, and hotel reservations. Customers can make simple monthly payments over three, six, or nine months for transaction amounts over 10,000. The bank has stated that the EMI option for pay letters will also be available shortly for online transactions.
We at ICICI Bank are always on the lookout for new products and services to improve the convenience of our customers, said Bijith Bhaskar, Head, Digital Channels & Partnerships. We aim to offer solutions that will satisfy our customers' changing credit needs. We have seen that UPI is now the primary method of payment.
Customers who use PayLater, the bank's "buy now, pay later" option, more frequently choose UPI transactions. We are launching the option of Instant EMI for UPI payments made through Pay later while keeping these two trends in mind.
The PayLater feature, which enables customers to rapidly purchase small ticket-size things in an entirely digital and paperless manner, was introduced by ICICI Bank as the first bank in 2018. Customers can promptly pay bills, shop online, and pay at any merchant UPI ID store using the PayLater service.
Simple Steps to Avail EMI Facility on PayLater
>> Visit any physical retailer and select your preferred good or service.
>> Use the "Scan any QR" option in the iMobile Pay app to make a payment.
>> If the transaction value is Rs. 10,000 or above, choose PayLater EMI.
>> Select a 3, 6, or 9-month EMI payment term.
>> The payment must now be confirmed for the transaction to be successful.