ICICI PayLater is available as a payment option at ICICI Bank payment gateway for making online purchases, in addition to the standard options like credit card, debit card and Pockets Wallet. For making a payment, simply choose your PayLater Account in the checkout page
ICICI Bank has introduced a new facility known as PayLater to enable its customers to purchase small ticket items in a completely digital and paperless manner. This facility is an instant digital credit limit that helps customers to shop online, pay bills, and pay using the Merchant UPI ID at physical stores.
ICICI Bank has the distinction of being the first bank in India to offer such a small ticket digital lending mechanism in partnership with a leading Fintech firm last year. Now, it has extended this service on the UPI platform to connect to as many digitally-savvy customers as possible.
ICICI Bank has always been a leader when it comes to introducing new products. The PayLater initiative is one such endeavour by the bank to consolidate its position in the small ticket digital credit market. This facility can prove useful to people to purchase products of their choice, especially during the festive season.
Paylater is a facility launched by ICICI bank to help its customers get access to instant financial support. With Paylater customers can purchase small consumer durable or other household items in a completely digital and paperless manner. This facility is an instant digital credit limit that helps customers to shop online, pay bills, and pay using the Merchant UPI ID at physical stores. Below are some crisp and clear details about ICICI Paylater.
|Target group||Young and millennial customers who love to do everything online including availing credit.|
|Facility||It is an 'invite-only' facility where it is instantly available to pre-approved and qualified customers.|
|Quantum||Instant Digital Credit ranging from 5,000 up to 20,000|
|Purpose||To enable customers to buy the products of their choice instantly both online and offline.|
|Availability||To ICICI Bank customers having internet banking, mobile banking, or Pockets Account facility.|
|Repayment||ICICI Bank generates a consolidated statement on the 1st of every month. The amount is payable by the 15th of the same month.|
|Mode of disbursement||Instant credit limit in the form of an overdraft on their savings account|
|Repayment mode||By setting up an auto-debit standing instruction at the time of applying for the limit.|
PayLater Account is one of the latest offerings by ICICI Bank to help customers receive an instant digital credit line
With ICICI Bank PayLater, you can get up to 45 days instant digital credit with just a click. Pay your bills, shop online and make payment to any merchant Unified Payments Interface (UPI) ID easily and instantly.
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Currently, the bank is only offering the PayLater Account facility on an invite-only basis. Approved customers receive the invite pop-up once they log in to Internet Banking or Mobile Banking. Eligible customers can use the ICICI PayLater Account facility when making payments through the Internet Banking portal as well as the Mobile Banking app of ICICI bank.
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There is not exactly an application process because this feature or service is sent as an invite. You can proceed with setting up your ICICI Paylater account through 3 channels
Step 1: Click ok on I am interested on the popup invite to create your pay later account
Step 2: Select term & conditions checkbox and got it
Step 3: Check your personal details, Aadhar no. ,select the debit account, select the checkbox and submit your details.
Step 4: Select your debit bank account for auto-payment.
Step 5: Create your own VPA means virtual payment address
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Internet Banking users, iMobile, and Pockets Wallet users can activate the ICICI PayLater facility when they receive an exclusive invite from ICICI Bank on their transaction platform.
As you know by now, this service is not available to all the ICICI customers. Like all credit giving schemes, here also you have some eligibility criteria after fulfilling which you will be eligible to avail the Paylater by ICICI feature.
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It's a common norm for banks to levy some charge on any service that they provide. But, in case of Paylater it's absolutely FREE which means there is nothing you have to pay for ICICI Paylater interest rate. Of course there will be a charge involved once the beneficiary misses any due date.
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There used to be no such billing cycle when this service started but recently almost a year back ICICI started notifying users about the billing cycle of ICICI Paylater. The message stated that
“ The billing date of your ICICI Bank PayLater Account has been revised to the 17th of every month. In keeping with the revised billing cycle, we will be accommodating the expenses done from Jun 01 till Jun 30, 2021, in the bill generated on Jul 17, 2021 and the due date will be Jul 31, 2021.”
Many of you might be having this query in case you are new to this and have just started seeking out the information about Paylater by ICICI. Let's have a look below to see the answer to the question “how can I transfer money from ICICI Paylater account?” which is running through your mind.
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We are going to tell you 5 major advantages of ICICI Paylater that make it one of the most availed services on the ICICI portals.
With PayLater, you get an instant digital credit line for quick payments. Simply use the PayLater option on the checkout page for completing online payments and the amount will be deducted from the PayLater Account, which you can then repay within 45 days.
There is no interest charged on the amount you use from this credit line as long as you make the payment within 45 days from the date of purchase.
You can simply add the funds to your linked Savings Account and the bank will automatically deduct the outstanding balance from your account.
PayLater by ICICI comes with a credit limit ranging from Rs 5,000 to Rs 20,000 based on a customers’ eligibility and account history.
As the account allows you to get interest-free credit for up to 45 days, it is also a great way to continue maintaining a higher balance in your Savings Account and earn more interest on the same. This also makes PayLater an excellent solution to protect yourself from running out of cash at hand by the end of the month.
For any unresolved query related to ICICI Pylater, you may register your grievance by dialing the number 1800 200 3344 between 9.00 a.m. to 06.00 p.m. from Monday to Friday. Ensure that you provide the Service Request Number (Numeric Digit only) which is not more than 2 months old.
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ICICI PayLater is a digital credit product, which is similar to a Credit Card. With PayLater, you can make purchases now and make payments later in 45 days of the transaction date at zero interest charge.
PayLater VPA is a unique identification number for your PayLater Account, which can be used for making various UPI payments, including online shopping, mobile recharge, booking of flight/train/bus/taxi, etc.
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Each PayLater Account comes with a dedicated UPI ID, which can be used to make payments through the UPI mode. PayLater can be used as a payment option at ICICI Bank payment gateway for online purchases, in addition to other standard payment options like Debit Card, Credit Card, and Pockets Wallet. To make a payment, simply choose PayLater Account in the checkout page.
The key benefits of ICICI PayLater are:
The PayLater dues are debited automatically from ICICI Bank Savings Account linked with the PayLater. Make sure you maintain sufficient balance in your linked Savings Account on the due date. You can also pay your PayLater dues through NEFT or UPI from your Savings Account.
ICICI PayLater is available for specific customers of ICICI Bank on an invite-only basis. The selected customers will receive the invite pop-up on log in to the Pockets Wallet, iMobile, or ICICI Bank Internet Banking.
Yes. In case of late payment, you will be charged a penal interest of 36% p.a. + GST, based on the daily total outstanding after the 'Pay by Date'. The bank will also levy a fixed late payment charge, for subsequently generated bills, until you clear the dues.
Your PayLater account limit can range between 5,000 and 20,000, depending on your eligibility. The limit is preset for the customers to whom the bank sends invite.
You can use PayLater UPI ID for making payments to any merchant UPI ID.
You cannot use ICICI PayLater for making Credit Card payments, transfer funds to other bank accounts, or for making any person to person funds transfer.
ICICI Bank reviews PayLater accounts periodically and it may change sanction limit from time to time. Keep using your iMobile app to know your limit. Bank will send a notification if you are eligible for an increased limit.
No, PayLater UPI ID cannot be used for payments to any P2P (Peer to Peer) UPI transactions.
You can add money to a merchant wallet by using UPI payment option. Check with merchant for the procedure to add funds in their wallet.
Like any credit product has an impact on your credit score, ICICI Paylater is no different. As it’s basically a short term credit facility so it will affect your credit score. This service comes under the BNPL(buy now pay later) kind of scheme. As long as you are paying the dues on time, there will not be any negative effect on your credit health.
Your ICICI Pay Later account can be closed through the iMobile app.
You may also go to Dashboard > Account & deposits > Paylater account > Request for account closure > enter details > Submit.
It is important to note that the request for Paylater account closure will be processed in 1 working day.