ICICI Bank's customers can now convert UPI payment into EMI by scanning QR code; know the steps

Private lender ICICI Bank on Tuesday said that it has introduced EMI facilities for UPI payments, which can be made by scanning QR code at any physical store. In a notification on its website, the bank said that customers who are eligible for its ‘Buy Now, Pay Later’ service can now avail of the EMI facility in an instant, easy and seamless manner.

ICICI Bank’s new facility is the first of its kind, which is aimed at providing loans to the bank’s customers in an easy and affordable way. Customers can now instantly buy products or services just by scanning the required merchant QR code at a store and making payments in EMIs at their convenience.

Customers can use the facility for a host of categories, like electronics, groceries, fashion apparel, travel and hotel bookings. Customers can pay a transaction amount above Rs 10,000 in easy instalments in three, six, or nine months.

The EMI facility for PayLater will shortly be extended for online shopping as well, the bank said.

Talking about the new facility, Bijith Bhaskar, Head of 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."

He added: "Combining both trends, we are introducing the facility of instant EMI for UPI payments done through PayLater. 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.”

How to avail of the service

> Customers, while purchasing things from any physical store, can this service. 
> While making the payment, customers can use the iMobile Pay app and choose ‘Scan any QR’ option. 
> Customers can opt for the PayLater EMI option if the transaction amount is Rs 10,000 or more 
> Following this, they have to select the desired tenure: 3, 6 or 9 months 
Just confirm the payment and the transaction is completed successfully.

Also read: UPI second-most chosen method to repay digital loans after e-NACH, says report

Also read: RBI MPC meet: RBI to allow operations of pre-sanctioned credit lines via UPI

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