ICICI Bank on Tuesday announced that it has introduced EMI facility for UPI payments made by scanning QR code. Customers eligible for PayLater, the bank’s ‘buy now, pay later’ service can avail of the EMI facility in a seamless manner, the lender said.

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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, the lender added.

The facility can be availed across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. Customers can pay transaction amount above Rs 10,000 in installments in three, six or nine months. The EMI facility for PayLater will shortly be extended for online shopping as well, the bank mentioned.

Talking about the new facility, Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank, 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," he said.

ICICI Bank introduced PayLater facility in 2018 to enable customers to buy small ticket items immediately in a digital and paperless manner. PayLater facility enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.

Here are steps to avail the EMI facility on PayLater:

Visit any physical store and choose preferred product or service

To make the payment, use iMobile Pay app and choose ‘Scan any QR’ option

Select PayLater EMI option if transaction amount is Rs 10,000 or more

Select tenure among 3, 6 or 9 months

Just confirm the payment and the transaction is completed successfully

(Edited by : Anshul)