ICICI Bank launches EMI facility to make UPI transactions through QR code scanning
Indian private sector bank ICICI Bank has introduced an easy EMI facility for payments by UPI made by scanning of merchant QR code.
Customers who are eligible to use PayLater, which is ICICI Bank’s ‘buy now pay later’ program, are able to avail of the EMI facility instantly in a smooth and easy way. This is the first-of-its-kind facility that increases the accessibility for thousands of customers of the bank since they can now purchase goods or services by scanning the appropriate merchant QR code at the point of purchase and paying via EMIs.
The service can be available across a variety of categories, including electronics and groceries, fashion clothing, and hotel reservations. Customers can pay for transactions over INR 10,000 in simple installments over three, six, or nine months. The EMI facility available for PayLater is to be expanded shortly to online shopping too.
ICICI Bank launches EMI facility to make UPI transactions through QR code scanning. Photo courtesy of Rakesh from Bangalore/Wikimedia Commons.
ICICI Bank was the first bank to launch a buy now, pay later facility in the year 2018 to let customers purchase small ticket items in a completely electronic and paper-free manner. PayLater allows clients to purchase online and pay for bills and make payments to any merchant UPI ID of a merchant at physical shops instantly.
Bijith Bhaskar — ICICI Bank Head of Digital Channels & Partnership 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.
“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.”