On Tuesday, ICICI Bank, a private lender, announced the introduction of EMI options for UPI payments, which can be done by scanning a QR code at any physical store. The bank announced that customers who qualify for its "Buy Now, Pay Later" service can now take advantage of the EMI facility in an immediate, simple, and seamless manner.

The new facility from ICICI Bank is the first of its type and is designed to make loans available to the bank's clients easy and inexpensive. Consumers can now purchase goods or services instantaneously by scanning the necessary QR code at a store and making payments in EMIs whenever it's convenient for them.

Clients can utilise the facility to plan travel and lodging as well as gadgets, groceries, clothing, and fashion. Consumers may pay transactions above Rs 10,000 in convenient instalments over the course of three, six, or nine months.

According to the bank, the EMI option for PayLater will soon be extended to include online purchases.

Talking about the new facility, Bijith Bhaskar, Head of 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."

He added: "Combining both trends, we are introducing the facility of instant EMI for UPI payments done through PayLater. 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.”

How one can use the service:

  • Consumers can use this service when making purchases in any physical store.
  • Customers can use the iMobile Pay app to make payments and select the "Scan any QR" option.
  • If a customer's transaction is for Rs 10,000 or more, they can use the PayLater EMI option.
  • They then have to decide on the intended tenure: 3, 6, or nine months
  • You only need to confirm the payment for the transaction to be accomplished.

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