ICICI Bank has announced the launch of an instant digital credit facility to enable customers to buy small ticket items immediately in a completely digital and paperless manner. Christened ‘PayLater by ICICI Bank’, the facility enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly. This facility leverages upon the technology unveiled in BHIM UPI 2.0 to extend digital credit to customers for making payments using UPI.
ICICI Bank was the first bank to enter the instant small ticket digital lending segment by partnering with a large fintech firm last year. It is now extending that programme leveraging upon the UPI 2.0 rail roads. This offer is yet another initiative of the Bank to consolidate its leadership position in the small-ticket digital credit market which has the potential to grow manifold in near future. Through this proposition, ICICI Bank is expected to enable as many as few lakh customers to buy products of their choice during this festive season.
‘PayLater’ is targeted at the young and millennial customers who want everything digitally and instantaneously, including credit. An invite only facility, it is instantly available to pre-approved and qualified customers upto Rs. 20,000. Customers can use it immediately to shop online on e-commerce sites, entertainment, travel, accommodation bookings among others. Customers can also make payments at physical stores through PayLater using the UPI platform.
Talking about the new proposition, B Madhivanan, Group Executive and Chief Technology & Digital Officer, ICICI Bank said, “ICICI Bank has a rich legacy of offering path-breaking products and services that have revolutionised the consumer loan business in the country. We are witnessing two distinct new trends: One, many customers, who have not taken any credit so far and therefore do not have a credit history, are looking for short term credit. Two, millions of young Indians are now buying products online. We have combined these two insights to bring out a novel proposition of giving short term digital credit, instantly. India’s digital lending market is estimated to offer a $1 trillion opportunity over the next five years. Keeping this in view, we are delighted to introduce ‘PayLater’, an instant digital credit line which will enable our customers to undertake small ticket purchases instantly in a completely digital manner. ”
