ICICI bank announces EMI facility for UPI payments, here’s how to do it

ICICI Bank announces the introduction of an EMI service for UPI payments made by scanning QR codes on Tuesday. Clients who qualify for the bank's "buy now, pay later" service PayLater may choose the EMI option.

Customers of the bank will profit from this feature because it allows them to rapidly purchase goods or services by simply scanning the relevant merchant QR code at a store and making EMI payments.

The service is available for a wide range of purchases, including those for gadgets, food, clothing, footwear, travel, and hotel reservations.

Consumers have the option of paying transactions over Rs 10,000 in convenient instalments over three, six, or nine months. Soon, online shopping will be able to use the EMI option for PayLater.

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.”

“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 the affordability of our customers, as they can purchase high-value products on EMIs in a secure, instant and digital manner,” he added.

Step-by-step guide to avail of the EMI facility on PayLater:

1. Visit any physical retailer and select the goods or services you desire.
2. Use the iMobile Pay app and select the "Scan any QR" option to complete the transaction.
3. If the transaction amount is Rs 10,000 or above, use the PayLater EMI option.
4. Choose between 3, 6, or 9-month terms.
5. Just confirm the money, and the transaction is completed.