New Service by ICICI Bank: Convert UPI Payment into EMI by a QR Scan code
ICICI bank today announced the easy payment method for customers. The bank said that now customers can convert UPI payments into EMI by scanning a QR scan code.
The customers who are eligible to pay later through banks, ‘Buy now, pay later’ service can pay later in easy Equated Monthly instalments (EMI).
Categories Available for Transactions
Buyers can avail the facility in various categories like grocery stores, electronics, apparels, travel, and hotel bookings. The facility is available for transactions above Rs 10,000 with easy instalments of three, six or nine months.
Moreover, the bank is planning to extend this easy pay instalment facility for online shopping as well.
Bijith Bhaskar, head- digital channels and 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 Pay Later, the bank’s ‘buy now, pay later’ service.”
He further added, “Combining both trends, we are introducing the facility of instant EMI for UPI payments done through Pay Later. 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.”
Below are steps to avail the EMI facility on Pay Later:
Visit any physical store and choose your preferred product or service.
Furthermore, to make the payment, use iMobile Pay app and choose ‘Scan any QR’ option.
Customers can select Pay Later EMI option if transaction amount is Rs 10,000 or more.
Further, select tenure among 3, 6 or 9 months.
Just confirm the payment and the transaction is completed successfully.
To know more you can visit the official website of ICICI Bank
