Want us to help you with anything?
Request a Call back

This field is required Only alphabetes are allowed
This field is required Only alphabetes are allowed
Please enter valid number
Please enter valid email
Please select product type
Please enter valid pincode

Thank you for your request.

Your reference number is CRM

Our executive will contact you shortly

ICICI Bank introduces ‘PayLater’, an instant digital credit facility for small payments

November 01, 2018

  • Select customers to get instant digital credit up to Rs. 20,000


Mumbai - ICICI Bank today announced the launch of an instant digital credit facility to enable customers to buy small ticket items immediately in a completely digital and paperless manner. Christened ‘PayLater by ICICI Bank’, the facility enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly. This facility leverages upon the technology unveiled in BHIM UPI 2.0 to extend digital credit to customers for making payments using UPI.


ICICI Bank was the first bank to enter the instant small ticket digital lending segment by partnering with a large fintech firm last year. It is now extending that programme leveraging upon the UPI 2.0 rail roads. This offer is yet another initiative of the Bank to consolidate its leadership position in the small-ticket digital credit market which has the potential to grow manifold in near future. Through this proposition, ICICI Bank is expected to enable as many as few lakh customers to buy products of their choice during this festive season.


‘PayLater’ is targeted at the young and millennial customers who want everything digitally and instantaneously, including credit. An invite only facility, it is instantly available to pre-approved and qualified customers upto Rs. 20,000. Customers can use it immediately to shop online on e-commerce sites, entertainment, travel, accommodation bookings among others. Customers can also make payments at physical stores through PayLater using the UPI platform.


Talking about the new proposition, Mr. B. Madhivanan, Group Executive and Chief Technology & Digital Officer, ICICI Bank said, “ICICI Bank has a rich legacy of offering path-breaking products and services that have revolutionised the consumer loan business in the country. We are witnessing two distinct new trends: One, many customers, who have not taken any credit so far and therefore do not have a credit history, are looking for short term credit. Two, millions of young Indians are now buying products online. We have combined these two insights to bring out a novel proposition of giving short term digital credit, instantly. India’s digital lending market is estimated to offer a $1 trillion opportunity over the next five years. Keeping this in view, we are delighted to introduce ‘PayLater’, an instant digital credit line which will enable our customers to undertake small ticket purchases instantly in a completely digital manner.


It is targeted at the young and millennial customers. This proposition will offer them instant access to short term funds, eliminating the hassle of long waiting hours and extensive paperwork. With the ongoing festive season, we believe this proposition will enable lakhs of ‘new-to-credit’ customers to make their purchases in a seamless manner thereby adding to their festive celebrations.”


As a start, ‘PayLater’ will currently be available to pre-approved and qualified customers of ICICI Bank. Customers can sign up for the facility through iMobile, the Bank’s mobile banking application. The entire process of signing up for the credit facility, sanctioning of the amount, account creation and the subsequent use of the facility is fulfilled in a completely digital and paperless manner and can be completed in a matter of few minutes.


Available 24X7 on all days, ‘PayLater’ will use ICICI Bank’s new Big Data based algorithm for undertaking credit assessment of customers. The algorithm uses an intelligent combination of parameters including the Credit Bureau check, balance patterns, vintage with the Bank, among others to ascertain the credit – worthiness of a customer. Based on the eligibility of the customer, the Bank offers up to 45 days interest-free credit limit. It ranges from Rs.5,000 to Rs.20,000 based on eligibility of the customer. Once the credit limit is set up for a customer, a consolidated bill is generated on the first day of the subsequent month, which has to be paid by the 15th day of the same month. Customers can seamlessly repay their dues by setting up an auto debit facility with their account or by simply initiating a transfer through their internet banking account.


To know more about the PayLater facility, please visit: here


For news and updates, visit here and follow us on Twitter at


About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at US$ 160.5 billion at June 30, 2018. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.


For media queries, write to:


Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

pdf version