ICICI Bank has introduced EMI facility option for UPI payments made by scanning QR code. All bank customers eligible for PayLater — the Bank’s ‘buy now, pay later’ service — can avail of the EMI facility. According to the bank, this facility aims to offer affordability to bank’s customers as they are just required to scan the required merchant QR code at a store and making payments in EMIs.
ICICI Bank customers can avail the EMI facility across a host of categories such as electronics, groceries, fashion apparels, travel and hotel bookings. Customers can pay 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 in a statement.
ICICI Bank launched the PayLater facility in 2018 to enable customers to buy small ticket items. The PayLater aims to enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores with just QR code scanning.
How to avail EMI facility on PayLater
Below are easy steps to avail the EMI facility on PayLater:
* Visit any physical store and choose your preferred product or service
* To make the payment, use iMobile Pay app and choose ‘Scan any QR’ option
* Select PayLater EMI option if transaction amount is Rs 10,000 or more
* Select tenure among of EMI: 3, 6 or 9 months
* Confirm the payment and the transaction is completed successfully