Indian multinational bank, ICICI Bank announced that it has introduced an EMI facility for UPI payments made by scanning a QR code on Tuesday.
EMI Facility for UPI Payments
Pouring more light on the subject, the Mumbai headquartered bank said that customers, who are eligible for the PayLater facility, can avail of the EMI facility using the Bank’s ‘buy now, pay later’ option.
The private sector lender said, “This first-of-its-kind facility enhances 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,” in a press release.
Further adding that the EMI facility for UPI payments can be availed across a host of categories such as electronics, groceries, fashion apparel, travel, and hotel bookings.
Now, ICICI Bank customers can pay transaction amounts above Rs 10,000 in easy installments in three, six, or nine months, with the use of this facility.
Improved Convenience For Customers
In due time, this new facility will be extended shortly for online shopping as well, according to the bank.
The head of Digital Channels & Partnership at ICICI Bank, Bijith Bhaskar said,“We, at ICICI Bank, always aim at launching products and services to improve 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,”.
“Combining these two trends, 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,” Bhaskar added.
When it comes to the bank’s PayLater facility, it was introduced in 2018 which enables customers to buy small ticket items immediately in a completely digital and paperless manner.
This facility has definitely affected the shopping experience for customers as they can shop online, pay bills and pay to any merchant UPI ID at physical stores instantly using the facility.
