On Tuesday, ICICI Bank declared the launch of an EMI option for UPI payments made via QR code scanning. The financial institution, which is a private sector lender, explained that the ‘buy now, pay later’ alternative can be utilized by qualified customers who are eligible for the PayLater service to access the EMI option.

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In a press release, the bank declared that the EMI option for UPI payments will enable the bank’s customers to improve affordability by instantly purchasing goods or services through scanning the necessary merchant QR code and making EMI payments. This innovative feature can be used in various categories, including electronics, groceries, fashion apparel, travel, and hotel bookings, as per the private bank’s announcement.

ICICI Bank account holders can now pay transaction amounts over Rs. 10,000 in simple installments lasting three, six, or nine months, thanks to this service. The bank revealed that this fresh feature will soon be extended to online shopping as well.

Bijith Bhaskar, the head of Digital Channels & Partnership at ICICI Bank, stated that the bank’s primary goal is to introduce innovative products and services that enhance customer convenience and deliver exceptional solutions to fulfill their changing credit requirements. Bhaskar noted that most payments today are made through UPI, and customers are increasingly opting for UPI transactions through the Bank’s ‘buy now, pay later’ service, PayLater.

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Bhaskar further stated that by merging these two trends, ICICI Bank is launching the instant EMI option for UPI payments conducted via PayLater. This new feature will allow a large number of customers to shop for mid to high value products by making payments in easy EMIs through scanning a merchant QR code. The bank believes that this service will offer a significant level of convenience and affordability to customers, enabling them to purchase high-value products in a secure, instant, and digital way.

Introduced in 2018, the PayLater feature of the bank allows customers to make instant purchases of small ticket items in a completely digital and paperless manner. This service enables customers to shop online, pay bills, and instantly pay any merchant UPI ID at physical stores without any delay.