EMI for UPI Payments: In an attempt to increase the affordability of the Bank’s customers, ICICI has started a new service that enables users to convert their UPI payments into EMIs( Equated Monthly Installments). People who qualify PayLater, the bank’s “buy now, pay later” service, can use the EMI facility of bank without any hassle. This amazing brand new service increases the affordability of the Bank’s customers. Now, they are able to instantly purchase goods and service by making ENI payments with scanning the merchant QR code at a store.
This service is applicable on wide varieties of items, including gadgets, food, clothing, travel and hotel reservations. Users may pay transaction amount over 10,000 in 3, 6 and 9 easy installments. The online shopping will have soon the EMI option of PayLater.
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Benefits of EMI option:
ICICI Bank’s Head of Digital Channels & Partnership, Mr. Bijith Bhaskar, said on the new feature: “We, at ICICI Bank, always aim at offering products and services to improve convenience for our clients and to deliver cutting-edge solutions to satisfy their changing credit demands. We have seen that UPI is now used for the majority of payments. Also, we have noticed that consumers are choosing UPI transactions from PayLater, the Bank’s “buy now, pay later” service, more frequently.
Bhaskar said that the bank is offering quick EMI option for UPI payments done through PayLater by combining these two trends. We feel that this facility significantly improves the affordability of our customers by enabling them to buy expensive items on EMIs in a secure, quick and digital manner.
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How to use EMI facility on PayLater?
- Visit any real retailer
- Select the goods or services you want
- For payment, use the iMobile Pay app
- Select the “Scan any QR” option Use the PayLater EMI option, if the transaction amount is more than Rs. 10,000
- Choose a duration of 3, 6, or 9 months. Confirm and the deal is successfully closed
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