ICICI Bank has launched an Equated Monthly Instalment (EMI) facility for UPI payments made by scanning QR codes, making it easier for customers to buy products or services on instalment payments.
The bank said that customers who qualify for PayLater, its “buy now, pay later” service, can now take use of the EMI option instantly, easily, and seamlessly.
The move is expected to make products and services more affordable for the bank’s customers. The facility can be availed across a wide range of categories including electronics, groceries, fashion apparels, travel, and hotel bookings.
Customers will have the option of making easy monthly payments over 3, 6, or 9 months for transactions above Rs 10,000. The EMI facility for PayLater will be extended for online shopping soon, according to the bank.
The majority of payments are made via UPI these days and customers are increasingly opting for UPI transactions from PayLater. Hence, the bank is introducing the facility of instant EMI for UPI payments made through PayLater. As a result of this feature, customers can buy expensive goods on EMIs in a safe, quick, and digital way, which greatly increases affordability for them, the bank added.
To avail of the EMI facility on PayLater, customers need to follow these steps.
They can visit any physical store and select their preferred product or service.
To make the payment, they need to use the iMobile Pay app and choose the ‘Scan any QR’ option. If the transaction amount is above Rs 10,000, they can select the PayLater EMI option and choose the tenure among 3, 6, or 9 months. After confirming the payment, the transaction will be completed successfully. The move is expected to boost ICICI Bank’s customer base and increase its market share in the banking sector.