EMI facility for UPI payments: ICICI Bank introduces 'scan QR code and pay via EMI' option - Details

EMI facility for UPI payments: ICICI Bank has introduced an easy EMI facility under which an amount for a UPI payment can be converted into instalments by simply scanning a QR code. Those customers who are eligible for ICICI Bank's ‘buy now, pay later’ service can avail of this EMI facility. This can be done almost instantly in an easy and seamless way. 

ICICI EMI facility for UPI payments

According to the bank, this is the first-of-its-kind facility and lets the customers instantly buy products or services just by scanning the required merchant QR code at a store and making payments in EMIs.

The facility is available for a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. 

ICICI EMI facility for UPI payments: Transaction amount

Any transaction amount above Rs 10,000 can be converted into easy instalments in three, six or nine months. The EMI facility for PayLater will shortly be extended for online shopping as well.

“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," said Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank.

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It is to be noted that the ICICI Bank was the first to introduce the PayLater facility in 2018. This lets customers buy small ticket items immediately in a completely digital and paperless manner.

PayLater facility enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.

ICICI EMI facility for UPI payments: Step-by-step guide

Step 1: Visit any store and choose your preferred product or service.

Step 2: Use the iMobile Pay app to make the payment and choose the ‘Scan any QR’ option.

Step 3: Select the PayLater EMI option if the transaction amount is Rs 10,000 or more.

Step 4: Select tenure among 3, 6 or 9 months.

Step 5: Just confirm the payment and that the transaction is completed successfully.