ICICI Bank UPI Now Pay Later launched: all you need to know

ICICI Bank has launched its UPI Now Pay Later service which promises upto 45 days interest-free credit via UPI payments

by FighterMan Updated: 15 Sep, 2023, 15:40 IST
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The ICICI Bank UPI Now Pay Later service has been launched. It comes just a few days after the announcement of Credit Line on UPI by the NPCI and RBI in the Global FinTech Fest 2023. Get to know about the ICICI Bank UPI Now Pay Later accessibility, working, credit limit, interest rate, and much more.

ICICI Bank UPI Now Pay Later

How to get an ICICI Bank UPI Now Pay Later account?

ICICI Bank UPI Now Pay Later account can be currently accessed via Pockets, ICICI Netbanking, and ICICI iMobile app. Soon you will be able to use it via UPI apps like Google Pay, PhonePe, Paytm, etc.

On ICICI Netbanking, you will find ‘PAYLATER’ under ‘MY ACCOUNTS’. Link your savings account and tick on auto-debit to activate.

On the ICICI iMobile app, you will get a popup saying “special offer for you”. It will show you the credit limit. Click on “I’m interested” to activate.

How does ICICI Bank UPI Now Pay Later work?

For instance, below is the usage of your ICICI Bank UPI Now Pay Later account for the month of September, 2023.

Date

UPI Credit used

Merchant

1/9/23

₹100

Domino’s Pizza store

5/9/23

₹50

Local grocery store

15/9/23

₹60

Metro tickets

25/9/23

₹500

BookMyShow

Now, at the end of the month i.e. on 1st October your ICICI Bank UPI Now Pay Later bill of ₹710 will be generated. You will have 15 days (till 15th October) to repay this amount to avail free-interest (0% interest), after which interest will be charged. You have to compulsorily set an ‘auto-debit’ which will automatically pay your bill from your linked savings account on the 15th of every month.

Credit Limit, Interest, and other fees on ICICI Bank UPI Now Pay Later

Credit Limit

Upto ₹50,000 per month (varies from user to user) | increases in time

Interest-free period

45 days (1 month billing cycle + 15 days to pay bill)

One time activation fees

₹590 (₹500 + GST)

Service charge (only if you spend more than ₹3000 in a month)

₹75 + applicable taxes on every ₹3000 spent in a month

Interest

Penal Interest (increases day by day) + Fixed Late Payment Charge

Interest Rate (penal interest per annum)

42.8% + GST

To whom all can you pay via ICICI Bank UPI Now Pay Later?

You can only pay to UPI merchants (bills, shopping, tickets, recharge, etc) via ICICI Bank UPI Now Pay Later. You will have a ICICI Bank UPI Now Pay Later ID like pl.yourname@icici which will be used to pay UPI merchant IDs. You cannot UPI transfer money to friends and family.

ICICI Bank UPI Now Pay Later Online Merchants

ICICI Bank UPI Now Pay Later has tie-ups with 40k+ online merchants so you can select to pay via it at checkout on their website/app. Some of the top ones are MakeMyTrip, Myntra, FreshToHome, Porter, Barbeque Nation, Ferns N Petals, Lenskart, OYO, Zee, Realme, Noise, and Coursera.

HDFC Bank UPI Now Pay Later feature is also launched, but will go live in some days!

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FighterMan aka Sahil Hitesh Ajmera is a 4+ Years Experienced Content Writer with 1.2M+ User Sessions, 486.41% max growth, and 1000+ Articles across Best Products, OTT, Telecom, Online Shopping, Finance, Credit Cards, Saving Tips, Deals & Offers, more!
Top Comments
Deal Cadet Deal Cadet
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Limit upto 50,000 and paying more than 3,000 attracts service charge!

Also, there is activation fees. Why would anyone use it then?

RuPay UPI credit cards are much better, I think.

Savings Mentor Savings Mentor
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It's Buy Now, Get Looted Later (BNGLL)

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Deal Cadet Deal Cadet
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Limit upto 50,000 and paying more than 3,000 attracts service charge!

Also, there is activation fees. Why would anyone use it then?

RuPay UPI credit cards are much better, I think.

Finance Ninja Finance Ninja
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Credit lines on UPI will soon launched. These are not Credit lines on UPI.

This is OD account based UPI, already available on banks like SBI, Axis too.

@iamkarthikkurkure515

@some1anywhere

Comrade Comrade
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Can someone tell is there any rewards for this or only charges
Helpful Helpful
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Charges for the usage, rewards for the banks. 🤣 innocent
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Deal Newbie Deal Newbie
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Already using from an Year bro, Charges are there even if you pay on time.
Savings Mentor Savings Mentor
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It's Buy Now, Get Looted Later (BNGLL)

Deal Newbie Deal Newbie
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Useless..
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