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https://www.desidime.com/news/icici-bank-upi-now-pay-later-launched-all-you-need-to-know?page=1#post_9562114
ICICI Bank UPI Now Pay Later launched: all you need to know
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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.
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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https://www.desidime.com/news/icici-bank-upi-now-pay-later-launched-all-you-need-to-know?page=1#post_9561891
stoptomove wrote:Charges for the usage, rewards for the banks. 🤣
Can someone tell is there any rewards for this or only charges
https://www.desidime.com/news/icici-bank-upi-now-pay-later-launched-all-you-need-to-know?page=1#post_9553472
dddeal wrote: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.
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.
2
https://www.desidime.com/news/icici-bank-upi-now-pay-later-launched-all-you-need-to-know?page=1#post_9552737
It's Buy Now, Get Looted Later (BNGLL)
3
https://www.desidime.com/news/icici-bank-upi-now-pay-later-launched-all-you-need-to-know?page=1#post_9552662
Already using from an Year bro,
Charges are there even if you pay on time.
https://www.desidime.com/news/icici-bank-upi-now-pay-later-launched-all-you-need-to-know?page=1#post_9552452
Can someone tell is there any rewards for this or only charges
https://www.desidime.com/news/icici-bank-upi-now-pay-later-launched-all-you-need-to-know?page=1#post_9551908
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.
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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.