ICICI Bank has introduced easy EMI facility for UPI payments made by scanning QR code. In a statement, ICICI Bank said that customers eligible for PayLater, the Bank’s ‘buy now, pay later’ service can avail of the EMI facility in an instant, easy and seamless manner. This first-of-its-kind facility aims to enhance the 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.

According to the statement, the facility can be availed across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. Customers can pay transaction amounts above Rs 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.

“We, at ICICI Bank, always aim at launching products and services to improve the convenience of our customers and to provide unique solutions to address their evolving credit needs. 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,” said Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank.

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“We are introducing the facility of instant EMI for UPI payments done through PayLater. With this facility, lakhs of our customers making UPI payments by scanning a merchant QR code can shop for mid to high value items and pay in easy EMIs. We believe, this facility provides immense convenience and improves affordability of our customers, as they can purchase high-value products on EMIs in a secure, instant and digital manner,” he added.

ICICI Bank was one of the first banks to introduce the PayLater facility in 2018 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.

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How to avail EMI on UPI payments

ICICI Bank customers can following the below steps to avail the EMI facility on ICICI Bank’s PayLater facility:

  • Visit any physical store and choose your preferred product or service
  • To make the payment, use iMobile Pay app and choose ‘Scan any QR’ option
  • Select PayLater EMI option if the transaction amount is Rs 10,000 or more
  • Select tenure among 3, 6 or 9 months
  • Just confirm the payment and the transaction is completed successfully

(The above content is for information purposes only based on a press release from ICICI Bank. Converting UPI payments into EMIs may include some charges)