India-based ICICI Bank has introduced an EMI facility for UPI payments, which are made by customers scanning a given QR code while using PayLater. Following this integration, customers that are eligible for PayLater, ICICI Bank’s BNPL service, are given the possibility to avail of the EMI facility in a fast and secure manner.

The facility was designed to enhance the affordability of lakhs of the financial institution’s clients. This enables them to instantly buy products, solutions, or tools by scanning the QR code required by the merchant and making payments in EMIs. The facility was also built to be availed across a suite of categories such as groceries, fashion apparel, electronics, hotel bookings, or travel bookings.

Users can pay transactions that amount above INR 10,000 in easy instalments that can vary from three, six, or nine months. The EMI facility for PayLater is set to be extended for online shopping and trading as well. The company observed that lately, its customers are opting for UPI transactions and payments while using PayLater.

Thus, combining the trends with its focus on providing clients with an improved experience, the financial institution created the EMI facility in order to meet their needs, preferences, and demands. In order to avail of the EMI facility on the PayLater solution, users first need to visit any physical store and choose their preferred product and tool. After that, for making the payment, they can use the iMobile Pay application and use the `Scan any QR` option.

After selecting the PayLater EMI option (only if the transaction is at least INR 10,000, or more), clients need to select the tenure among three, six, or nine months, and confirm the payment is completed successfully. ICICI’s digitalisation development India-based multinational bank and financial service provider, ICICI Bank Limited offers its clients a wide range of banking tools and financial products. The institution had a couple of partnerships and product releases in the last couple of months.

In February of 2023, ICICI, alongside IDFC First, and Kotak Mahindra announced that they began testing in-store payments while using the retail version of the digital rupee. The endeavor was part of the first phase of the Reserve Bank of India’s retail central bank digital currency pilot. Earlier in January 2023, the bank rolled out digital solutions which comprised a set of banking and value-added services on a single platform, looking to digitise the overall export lifecycle.

Following this launch, ICICI Bank aimed to simplify the journey of exporters by incorporating time-intensive manual procedures decongested to improve operational efficiency. According to the press release published at the time, the suite of services was set to digitise the export lifecycle in its entirety while ranging from the discovery of export markets, export finance, as well as foreign exchange solutions to the receipt of export incentives. .