Along with other banks, ICICI Bank also offers PayLater option which is a pre-approved Credit Line on UPI. With the help of this product, people and companies can obtain bank credit lines that have already been approved. It makes low-cost, high-volume retail loans easier to get, which promotes financial inclusion and economic growth.
Now customers can scan to use their credit on UPI with ICICI Bank mobile app’s PayLater option.
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Which banks offer Credit Line on UPI
Credit on UPI: Which are the apps that are live now?
According to the NPCI website, BHIM, Google Pay, PayTM and Payzapp.
What are the features of credit on UPI
Below are the important features of the credit on UPI, according to the NPCI website.
- Seamless linking: Using your registered mobile number, find credit line accounts from the issuing bank and link them to any UPI app.
- Secure authentication: Authenticate transactions with a dedicated UPI PIN for Credit Line on UPI, enhancing security and preventing unauthorized access.
- Credit Line details: Gain comprehensive insights Credit line status, utilized credit line, and existing EMI details directly within the UPI app
- Transaction variety: Make payment only to merchants QR Codes, e-comm merchant using Credit line on UPI.
- Transaction limits: Standard UPI transaction limits shall be applicable.
- Repayment methods: When paying back a credit line, be aware of and proficient in using all available repayment options, such as e-mandates (AutoPay) or inbound payments to the designated UPI ID.
- Dispute resolution: Resolve disputes conveniently through the ODR (UPIHelp) available on UPI apps, ensuring a transparent and user-friendly experience.
What is ICICI Bank PayLater facility?
ICICI Bank PayLater is a pre-approved Credit Line on UPI. Customers can check their offer eligibility under ‘Pre-approved Loans/Offers’ section on iMobile Pay.
How to enable your credit on UPI
Step 1: Open UPI app
Step 2: Go to Add Account section
Step3: Click on Add Credit on UPI
Step 4: Select bank from where you have availed Credit on UPI
Step 5: Add credit on UPI
Step 6: Set UPI PIN.
Important FAQs on Credit Line on UPI, according to the ICICI Bank website.
How to use ICICI Bank PayLater – Credit Line on UPI?
Customers can use it through iMobile Pay or any UPI payment app:
UPI
Scan and Pay mode*
Collect: Add the UPI ID for making online payments.
PayLater is also available for ICICI Bank Internet Banking transactions.
*EMI option on UPI Scan and Pay payments above Rs 10,000. Exclusive on iMobile Pay.
*applicable for merchant transactions only.
How to get the PayLater facility?
ICICI Bank PayLater facility is available to customers on an invitation basis only. Customers for whom the facility is available can activate it using iMobile Pay or Internet Banking:
iMobile Pay > Pre-approved Loans/Offers > PayLater > Activate Now.
Internet Banking > Log in > Apply Online > Offers for you > PayLater > Activate Now
How to link the ICICI Bank PayLater Account to UPI payment apps such as BHIM?
Go to settings/profile of the UPI app > Add Credit Line on UPI > Select ICICI Bank > Authenticate and it is done!
Your ICICI Bank PayLater Account will be added as a payment option. You can transact for all your merchant needs like shopping, bill payments, recharge etc.
*applicable only for customers with ICICI Bank Savings Account. For others this feature will be released soon.