In a first, ICICI Bank introduces EMI facility for UPI payments

The EMI facility for UPI payments can be availed across a host of categories such as electronics, groceries, fashion apparel, travel, and hotel bookings, the private bank said.

Through this facility, ICICI Bank customers can pay transaction amounts above Rs 10,000 in easy installments in three, six, or nine months. The bank stated that the new facility will be extended shortly for online shopping as well.

“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,” Bijith Bhaskar, head of Digital Channels & Partnership at ICICI Bank said.

Bhaskar added, “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.”

The bank’s PayLater facility, introduced in 2018, enables customers to buy small ticket items immediately in a completely digital and paperless manner. Customers can shop online, pay bills and pay to any merchant UPI ID at physical stores instantly using the facility.