ICICI Bank, one of India’s leading private sector banks, has recently launched a new feature that allows its account holders to pay for their purchases made through UPI in monthly instalments. With this new offering, ICICI Bank customers can manage their finances better and make larger purchases without worrying about the immediate financial burden.
UPI, or Unified Payments Interface, has gained immense popularity in India as a simple, secure, and quick mode of payment. It allows users to transfer money from one bank account to another using their mobile phones, without the need for bank account details or IFSC codes. However, until now, UPI payments were only processed as a one-time transaction, which could be a deterrent for customers looking to make larger purchases.
ICICI Bank’s new feature addresses this issue by offering customers the option to pay for their purchases in monthly instalments. This means that customers can spread out the cost of their purchases over a longer period, making it easier for them to manage their finances.
To use this feature, customers need to follow a few simple steps. First, they need to select the UPI option as the mode of payment while making a purchase. Next, they need to choose the ‘Pay Later’ option to pay in instalments. The bank will then show customers the monthly instalment amount and the duration of the repayment period. If the customer agrees to the terms and conditions, the transaction will be completed, and the customer will receive the purchased product or service.
According to ICICI Bank, this new feature will benefit both customers and merchants. For customers, it provides a more convenient and flexible payment option, allowing them to purchase high-value items without having to worry about the immediate financial burden. For merchants, it opens up new opportunities to sell their products and services to a wider customer base, including those who might have been deterred by the high upfront cost.
The launch of this feature comes at a time when more and more customers are turning to digital payments, owing to the ongoing COVID-19 pandemic. According to a report by the Reserve Bank of India, the total volume of UPI transactions in India grew by 12.5% in the third quarter of 2020, compared to the previous quarter. With this new offering, ICICI Bank is tapping into this growing trend and providing its customers with a payment option that is both secure and convenient.
In addition to its UPI payment offering, ICICI Bank has been at the forefront of digital innovation in India, launching several new features and products in recent years. In 2020, the bank launched the ‘Insta Flexicash’ feature, which allows customers to avail of instant loans of up to Rs. 1 crore, using their mobile phones. It has also launched a range of digital wealth management products, such as ‘ICICI Prudential MyWealth’, which allows customers to manage their investments and insurance policies from a single platform.
ICICI Bank’s focus on digital innovation has helped it stay ahead of the curve in a rapidly evolving banking landscape. With the launch of its new UPI payment feature, the bank is further cementing its position as a customer-centric institution that is committed to providing its customers with the best possible banking experience.
In conclusion, ICICI Bank’s new UPI payment feature is a welcome addition to India’s digital payments ecosystem. It provides customers with a more flexible and convenient payment option, while also opening up new opportunities for merchants. With digital payments on the rise in India, this new feature is sure to be a hit with ICICI Bank’s customers, who are always looking for innovative ways to manage their finances.
