Good news for ICICI Bank customers: UPI payments can now be made on EMI basis, know the process
ICICI Bank has announced that bank customers can make Unified Payment Interface (UPI) payments through EMI facility, know details
ICICI Bank EMI can be availed through UPI payment
The same can be converted into EMI where the transaction amount exceeds Rs.10,000.
Payment can be made using pay letter
There is good news for the customers of private bank ICIC, now EMI of this bank can be facilitated through UPI payment. ICICI Bank has announced that bank customers can make Unified Payment Interface (UPI) payments through EMI facility. For that they can scan the QR code. The bank has announced this on April 11 ie yesterday.
#ICICIBank enables EMI facility for UPI payments made by scanning QR code for customers eligible for PayLater, the Bank’s ‘Buy Now, Pay Later’ service.
The facility enhances the affordability of customers to buy products or services instantly.
Who can avail this service?
Now ICICI Bank customers can go to any store and scan the QR code and pay easily in installments. Through this, those customers can benefit, thereby making the bank eligible for ICICI Pay Letter. Under it Buy Now, Pay Letter service can be availed for UPI payment along with EMI option.
Necessary rule for making UPI payment through EMI
ICICI Bank requires this facility, that transaction amount above Rs.10,000 can be converted into the same EMI. Customers of the bank will get three options, through which they can choose from three months, six months and nine months installments.
The service will also be started for online shopping from Zad
Customers can purchase electronic items, groceries and clothes through the bank’s newly launched pay letter EMI. This can be used for travel booking and hotel booking as well. However EMI facility for UPI payment is currently not available for online payment. ICICI Bank says that the facility of pay letter will soon be started for online shopping as well.
How to pay UPI payment in EMI through ICICI PayLater
For example, if you are an ICICI Bank customer, you go to a shopping store and buy groceries. And if your bill is more than 10,000 rupees, go to the iMobile app, scan the QR code and select Pay Later EMI option. In it one has to choose the tenure or time of EMI like 3 months, 6 months and 9 months can be taken. After that your transaction will be completed.
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According to the ICICI Bank website, the pending payment of the pay letter will automatically be deducted from the savings account by ICICI Bank. This information has been given on the website of ICICI Bank.
