ICICI Bank customers, now make UPI payments in monthly instalments: All you need to know

ICICI is the first bank in the country to begin EMI facility for UPI payments for its customers.

In a first-of-its-kind initiative, ICICI Bank has launched a facility with which customers will be able to make UPI payments in the form of Equated Monthly Instalments (EMI).

A man speaks on the phone outside an ICICI Bank branch in Kolkata, India. (REUTERS/Used only for representation)

“We believe this facility provides immense convenience and improves affordability of our customers, as they can purchase high-value products on EMIs in a secure instant and digital manner,” Bijit Bhaskar, head-digital channels and partnership, ICICI Bank, said in a statement.

Here is all you need to know about this service:

(1.) It is for transaction amounts of more than ₹10,000, and can be availed using PayLater, the bank's ‘buy now, pay later’ service.

(2.) Customers must pay the full amount in easy instalments of three, six or nine months.

(3.) For now, it is available for the following categories: electronics, groceries, fashion apparels, travel, and hotel bookings.

(4.) To use this facility, one must scan the required merchant QR code at a store, select EMI tenure, and make the payment.

(5.) The service will be extended for online shopping as well, according to ICICI.