What if you run out of payment options while grabbing a favourite deal at a discounted price on Flipkart or Amazon during the Diwali sale? You can't borrow few bucks from your friends as you have to make the payment instantly online. To solve your problem, ICICI Bank has introduced an instant digital credit facility named \u2018PayLater\u2019 that enables customers to buy small ticket items immediately in a completely digital and paperless manner. Leveraging upon the technology unveiled in BHIM UPI 2.0 to extend digital credit to customers for making payments using UPI, the 'PayLater' facility is aimed at helping young and millennial customers to buy products of their choice during this festive season. Under this invite only facility, pre-approved and qualified customers, depending on their eligibility, may avail up to Rs 20,000 and use it immediately to shop online on e-commerce sites, entertainment, travel, accommodation bookings, among others. Available 24X7 on all days, customers can also make payments at physical stores through 'PayLater' using the UPI platform. For undertaking credit assessment of customers, \u2018PayLater\u2019 will use ICICI Bank\u2019s new Big Data based algorithm, which uses an intelligent combination of parameters including the Credit Bureau check, balance patterns, vintage with the Bank, among others, to ascertain the credit-worthiness of a customer. Based on the eligibility of the customer, the bank offers up to 45 days ' interest-free credit limit that ranges from Rs 5,000 to Rs 20,000. Once a customer uses the credit limit, a consolidated bill is generated on the first day of the subsequent month, which has to be paid by the 15th day of the same month to avoid paying any interest. Customers may up an auto debit facility with their account for seamless repayment or may simply initiate a transfer through their internet banking account. Although the facility looks very lucrative, but the users must keep the due date in mind to make the payment on time. Because a late payment will attract penalty of Rs 50 as well as a high interest rate of 3 per cent per month on the total amount due.