ICICI Bank introduces EMI facility for UPI payments by scanning QR code
April 11, 2023
Customers can avail of the facility using PayLater, the Bank’s ‘buy now, pay later’ service
First bank to offer such a facility
Lakhs of customers of the Bank can opt for flexible EMIs of 3, 6 or 9 months
Mumbai: ICICI Bank today announced that it has introduced easy EMI facility for UPI payments made by scanning QR code. 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 enhances 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.
The facility can be availed across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. Customers can pay transaction amount above ₹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.
Talking about the new facility, Mr. Bijith Bhaskar, Head - Digital Channels & Partnership, ICICI Bank, 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.”
ICICI Bank was the first bank to introduce 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.
Below are easy steps to avail the EMI facility on PayLater:
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 ₹10,000 or more
Select tenure among 3, 6 or 9 months
Just confirm the payment and the transaction is completed successfully
To know more about the PayLater facility, please visit https://www.icicibank.com/personal-banking/paylater
For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank
For media queries, write to: corporate.communications@icicibank.com
About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹ 15,21,748 crore at December 31, 2022.
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.go
