New Delhi: Tuesday saw the launch of a simple Equated Monthly Instalment (EMI) facility for UPI payments made by scanning QR codes, according to ICICI Bank. Clients who qualify for PayLater, the bank's "buy now, pay later" service, can use the EMI facility instantly, simply, and without any hassle.
The bank claims that this ground-breaking feature would make thousands of its clients' purchases more affordable because they can now make an immediate purchase by just scanning the relevant merchant QR code at a store and making EMI payments. (Also Read: OnePlus 9 5G Gets Rs 12,000 Discount; Check Where And How To Avail It)
The service is available for a wide range of items, including gadgets, food, clothing, travel, and hotel reservations. Consumers have the option of paying transactions over Rs 10,000 in convenient instalments over three, six, or nine months. Soon, online shopping will be able to use the EMI option for PayLater. (Also Read: FD Interest Rates For Senior Citizens 2023: These Banks Offer Rates Over 9%)
According to Bijith Bhaskar, head of digital channels and partnerships at ICICI Bank, "We have observed that UPI is used for the majority of payments these days. Also, we have noticed that clients are increasingly choosing UPI transactions through the bank's "buy now, pay later" service, PayLater.
Bhaskar noted that the bank is giving the option of quick EMI for UPI payments made through PayLater by integrating these two trends. We feel that by enabling our customers to buy expensive goods on EMIs in a safe, quick, and digital way, this feature greatly improves their affordability.
