ICICI Bank on Tuesday announced that it has introduced an EMI facility for UPI payments made by scanning QR codes.Customers who are eligible for PayLater, the bank’s ‘buy now, pay later’ service, can opt for the EMI facility.This facility will benefit 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, apparel, travel and hotel bookings.Customers can pay transaction amount 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.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.
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 transaction amount is Rs 10,000 or more.
Select tenures of 3, 6 or 9 months.
Just confirm the payment and the transaction is completed successfully.