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ICICI Bank recently introduced easy EMI facility for UPI (Unified Payment Interface) payments made by scanning QR code. Only those customers who are eligible for ‘buy now, pay later’ service can avail of the EMI facility in a seamless manner.
This first-of-its-kind facility enhances 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 transaction amount above ₹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.
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Talking about the new facility, 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. Combining these two trends, we are introducing the facility of instant EMI for UPI payments done through PayLater.”
In 2018, ICICI Bank was the first one to enable customers to buy small ticket items immediately in a completely digital and paperless manner.
PayLater facility enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.
Follow these steps to opt for EMIs:
1. Since this facility is yet available only at physical stores, one can visit a brick-and-mortar store and choose their preferred product or service.
2. At the time of making the payment, one should use iMobile Pay app and opt for ‘Scan any QR’ option
3. If transaction amount is ₹10,000 or more, then the customer has to select PayLater EMI option
4. Now you can select tenure among 3, 6 or 9 months
5. One can confirm the payment and the transaction will be completed successfully.