EMI on UPI Payments: ICICI Bank Launches First-of-Its-Kind Facility for Select Customers, Here's How You Can Pay Via UPI EMI
ICICI Bank has introduced equated monthly instalment (EMI) facility for Unified Payments Interface (UPI) payments made by scanning a QR code. The bank made this announcement in a press release dated April 11, 2023.
Delhi, April 13: ICICI Bank has introduced equated monthly instalment (EMI) facility on Unified Payments Interface (UPI) payments made by scanning a QR code for select customers. ICICI Bank announced the first-of-its-kind facility in a press release dated April 11, 2023. ICICI Bank customers who qualify for PayLater, the bank's "buy now, pay later" service, can use the EMI facility on UPI payments instantly, simply, and without any hassle.
Economic Times reported that the first of its kind service can be availed across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. The Bank customers can now instantly buy products or services just by scanning the required merchant QR code at a store and making payments in EMIs. UPI Transaction Charges: NPCI Says UPI Is Free, Fast, Secure and Seamless; Issues Clarification Regarding 1.1% Interchange Fee Applicable for PPI Merchants.
The transaction amount, however, needs to be above Rs 10,000 to convert it into EMIs. Users can choose between three, six or nine month instalment plans. The Bank however said that EMI facility for UPI payments is not available for online shopping at present, but will be made available soon. UPI-PayNow Linked: Here's How Integration of India and Singapore's Digital Payment Systems Would Benefit Users.
EMI on UPI Payments: How to Avail
- Visit any physical store and choose your preferred product or service
- Use ICICI Bank’s iMobile Pay app To make the payment and choose ‘Scan any QR’ option
- Select the PayLater EMI option if the transaction amount is Rs. 10,000 or more
- Select tenure among 3, 6 or 9 months
- Just confirm the payment to complete transaction
It is important to note that ICICI was the first bank to introduce the PayLater facility in 2018 to allow customers to buy small ticket items immediately in a completely digital and paperless manner. PayLater is a digital credit product which is available to a set of customers who have pre-approved offers.
(The above story first appeared on LatestLY on Apr 13, 2023 01:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).