Customers who qualify for PayLater, the bank's "buy now, pay later" service, can now use the EMI option promptly, easily, and seamlessly, the bank announced on Tuesday.
The move is likely to lower the cost of products and services for the bank's clients. The service is available in a variety of categories, including electronics, groceries, fashion items, travel, and hotel reservations.
Customers who spend more than Rs 10,000 would be able to spread their payments across three, six, or nine months. According to the bank, the EMI service for PayLater will soon be extended to purchases made online. According to Bijith Bhaskar, ICICI Bank's head of digital channels and partnerships, the bulk of payments are now made using UPI, and clients are rapidly opting for UPI transactions through PayLater.
As a result, the bank is giving quick EMI for UPI payments made through PayLater. Customers can buy pricey things on EMIs in a safe, rapid, and digital way, which considerably boosts affordability for them, as a result of this feature.
Customers can use PayLater's EMI service by following a few simple steps. They can go to any physical store and choose their favourite goods or service. They must utilise the iMobile Pay app and select the 'Scan any QR' option to make the payment. If the transaction exceeds Rs 10,000, clients can use the PayLater EMI option and select a period of three, six, or nine months.
The transaction will be completed successfully once the payment is confirmed. The initiative is likely to grow the customer base of ICICI Bank and increase its market share in the banking sector.
