ICICI Bank introduces EMI facility for UPI payments

The ICICI Bank on Tuesday announced that it has introduced an EMI facility for UPI payments made by scanning a QR code. The private sector lender said that customers, who are eligible for the PayLater facility, can avail of the EMI facility using the Bank’s ‘buy now, pay later’ option. 

The bank in a press release stated, “This first-of-its-kind facility enhances affordability of lakhs of the Bank’s customers as they can now instantly buy products or services just by scanning the required merchant QR code at a store and making payments in EMIs.” 

Through this facility, ICICI Bank customers can pay transaction amounts above ₹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.”