In a first-of-its-kind move, EMI has now been made available for UPI Payments. Users who make purchases of Rs 10,000 or more can now pay with flexible EMIs of 3, 6, or 9 months. UPI users can use this functionality to purchase products or services instantaneously.
The offer was announced by ICICI Bank, one of India’s major private lenders. Customers who are eligible for PayLater, the bank’s ‘buy now, pay later’ service, can use the EMI option, the company announced on April 11. People can now buy products or services instantaneously by scanning the relevant merchant QR code at a store and making payments in EMIs using the service.
With the announcement of this facility, millions of bank clients will be able to choose between flexible EMIs of 3, 6, or 9 months. Customers can pay transaction amounts greater than Rs 10,000 in these instalments, according to ICICI Bank, which also stated that the EMI feature for PayLater will be extended to online purchasing.
Steps to use EMI on UPI Payments :
– Visit any physical store and choose your preferred product or service
– To make the payment, use iMobile Pay app and choose ‘Scan any QR’ option
– Select PayLater EMI option if transaction amount is Rs 10,000 or more
– Select tenure among 3, 6 or 9 months
– Just confirm the payment and the transaction is completed successfully
Notably, the announcement by the private lender comes just a few days after Reserve Bank of India Governor Shaktikanta Das announced the introduction of sanctioned credit lines at banks via UPI. Das stated in his RBI Monetary Policy Committee (MPC) meeting result address that the news will foster innovation.
“We’ve been making a lot of announcements about the UPI.” The goal is to expand UPI’s footprint even more. “This announcement relates to the operation of pre-approved credit lines at banks via UPI,” Das stated in his speech.