UPI Payment Can Be Converted Into EMI; New System Of ICICI Bank

Kochi: ICICI Bank has made it possible to get EMI on UPI payments by scanning the QR code. A simple EMI option can be availed through the bank’s ‘Pay Later’ system, to buy now and pay later. Customers can opt for flexible EMIs with tenors of three, six and nine months each. In categories like electronics, grocery, fashion, travel, hotel booking, the amount above Rs 10,000 can be converted into EMI. ICICI Bank said that they are the first bank to introduce such a system.The aim is to improve the convenience of customers, ICICI Bank said. Credit needs of consumers are evolving these days. The aim is to launch products and services to address these.

Why did RBI pull back from interest rate hike? | RBI | Interest Rate | Inflation

Bijit Bhaskar, Head of Digital Channels & Partnerships, ICICI Bank, said that more and more payments are being made through UPI these days. He informed that more and more customers are choosing the ‘Buy Now, Pay Later’ facility of the bank.

Currently available ‘Pay Later’ option provides digital instant credit up to 45 days. Payment of bills, online shopping and merchant payments can also be done using the UPI ID.

Also Read: Alia Bhatt, who has scored hits in film and business; 299 crore assets, 150 crore start up
The special feature is that money is available for 45 days to make expenses without using the savings account balance. Through this, there is an opportunity to save money in a savings account and earn interest on that money. Pay letter arrears can be automatically debited from the ICICI Bank savings account.

This facility cannot be used for credit card payments, fund transfer to other bank accounts and fund transfer to individuals. A pay letter account is made available to an individual. Through this one can know the eligible payment options.

To pay, the service can be availed through the QR code scan option in the iMobile Pay app. To know more about Pay Later facility, visit https://www.icicibank.com/Personal-Banking/paylater.page.page.

Read Latest Business News and Malayalam News