Private lender ICICI Bank has introduced an instant digital credit facility for its customers that will help them to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.
Named as ‘PayLater by ICICI Bank’, leverages upon the technology unveiled in BHIM UPI 2.0 for extending digital credit to customers for making payments using UPI.
The lender is the first in the industry to enter into the instant small ticket digital lending domain by joining hands with a large fintech firm last year.
This initiative is expected to help the bank to assisting as many as few lakh customers to buy products of their choice during this festive season.
The lender reveals that ‘PayLater’ is targeted at the millennial customers who are digitally inclined and believe in instantaneously, including credit.
This facility as of now will be available to pre-approved and qualified customers of ICICI Bank. Customers can avail the facility through iMobile, the Bank’s mobile banking application.