Easy Payment Option for PayLater Customers
ICICI Bank has launched a new Equated Monthly Instalment (EMI) facility for UPI payments made through QR codes. Customers who qualify for the bank’s “buy now, pay later” service, PayLater, can use this EMI option instantly and conveniently. A diverse selection of products and services are covered by the service, such as gadgets, food, clothing, travel, and hotel reservations. Consumers can pay transactions over Rs 10,000 in easy instalments over three, six, or nine months.
ICICI Bank customers now avail of EMI service for UPI transactions.
The bank has planned to introduce the EMI option for PayLater in online shopping soon. According to Bijith Bhaskar, the head of digital channels and partnerships at ICICI Bank, UPI is becoming increasingly popular for payments, primarily through PayLater. By integrating these two trends, the bank is offering customers the option of quick EMI for UPI payments made through PayLater. This feature greatly improves the affordability of expensive goods by enabling customers to purchase them in a safe, fast, and digital way.
So, this is a good initiative from ICICI Bank to give an EMI option on UPI transactions. Click here for more finance-related information.