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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.
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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.
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