ICICI Bank has recently introduced an instant online credit facility to help customers pay for small ticket items instantly in a paperless and digital manner. The online credit facility, which has been named ‘PayLater by ICICI Bank’, enables customers to pay bills, shop online, and pay to a merchant UPI ID when at a physical store.
ICICI Bank’s PayLater is currently offered as an invite-only facility with a maximum limit of Rs.20,000 and is available to qualified and pre-approved customers. Customers who are eligible for this facility can use it to shop on e-commerce websites, pay for travel, entertainment, accommodation bookings, and so on. Further, these customers can also use PayLater to pay at offline physical stores by using the UPI platform.
Individuals can sign-up for the PayLater facility through iMobile, which is ICICI Bank’s mobile banking app. ICICI Bank has also said the entire process of a customer signing up for the facility, the amount getting sanctioned, account creation, and the consequent use of the PayLater facility is completed in a paperless and digital manner in just a few minutes.
PayLater will be available 24×7 and makes use of the bank’s ‘Big Data’ based algorithm to undertake customers’ credit assessments. A customer can be offered credit ranging between Rs.5,000 and Rs.20,000 based on their eligibility. The credit offered to a customer will be interest-free for a period of 45 days.
Sources: The Times of India, Livemint