ICICI PayLater

ICICI Bank has introduced a facility known as ICICI PayLater to enable its customers to make small ticket purchases completely digital and paperlessly. This facility is an instant digital credit limit that helps customers 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 the ICICI Bank Pay Later 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 ICICI 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.

• Instant Credit: Users can avail instant credit for making purchases, both online and offline, without the need for a physical credit card.
• Interest-Free Period: 45 days interest-free period during which users can repay the amount without incurring any interest charges, ICICI Bank generates a statement on the 1st of every month detailing the usage of the PayLater account during the month.
• Flexible Repayment Options: Users may have the flexibility to repay the borrowed amount in full or in installments within a specified period.
• Online Usage: ICICI Pay Later can often be used for various transactions, including online shopping, ticket booking, bill payments, and more. scan and pay for any merchant for any purchase.

ICICI PayLater is a digital payment 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 the ICICI PayLater target group.

PayLater Account is one of the latest offerings by ICICI Bank to help customers receive an instant digital credit line.

With ICICI Pay Later, you can get up to 45 days of instant digital credit with just a click. Pay your bills, shop online, and make payments to any merchant Unified Payments Interface (UPI) ID easily and instantly.

Currently, the bank is offering the ICICI Bank 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.

There is no exact application process because this feature or service is sent as an invite. You can proceed with setting up your Pay Later ICICI account through 3 channels.

• Step 1: Click ok on I am interested in the popup invite to create your Pay Later account.
• Step 2: Select the term & conditions checkbox and get it.
• Step 3: Check your 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 a virtual payment address.

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.

ICICI PayLater activation using Internet Banking

• Select customers get an invitation from ICICI Bank to activate the PayLater facility
• This invitation is available when the customer logs into their Internet banking account
• On logging into the system, click on the 'My Accounts' tab on the top left-hand corner of the screen. Select the option, 'PayLater.'
• The system automatically fills in the details available with the bank
• Select the savings account number that you would like to link with the ICICI PayLater facility
• Go through the 'Terms and Conditions' and click on the checkbox to provide your consent for the Auto Debit facility.
• Click on the Submit option
• On creating your PayLater account, you will receive an online e-receipt page that displays the PayLater Limit and helps you understand the usage of the facility.
• The next step is the creation of the Pay Later ICICI Bank UPI ID.
• Log into your iMobile app and tap on the BHIM UPI option
• Tap on the 'Manage' option and choose 'My Profile'
• Create your new Virtual Payment Address (VPA)
• Enter your desired prefix and check for its availability
• Select your PayLater account from the drop-down list
• Submit to receive a confirmation of the registration of the VPA.

Activate PayLater ICICI using iMobile app

• If you receive an invitation to create an ICICI PayLater account, click on the pop-up to create the PayLater account. Alternatively, you can tap on the 'Remind Me Later' option.
• Read the terms and conditions and click on the 'Got it' option
• Go through your details such as name, address, date of birth, PAN, Aadhar, mobile number, and email ID.
• Select the debit account and agree to the conditions by submitting your details
• Select the account where you would like to have the 'auto-debit' facility for repayment
• Create your VPA
• The process of creating your ICICI PayLater account is complete
• View the details of your ICICI PayLater account in the Accounts and Deposits section

Activate PayLater by ICICI with the Pockets App

• On receiving the invitation, click on the 'Activate Now' pop-up to create your PayLater account
• Click on 'Terms and Conditions' to get an idea about the facility. Check the box and click on 'Got it.'
• Verify your details select your debit account and proceed to select the checkbox and submit the application.
• Set up your savings account for the 'auto-debit' facility
• Create your VPA and complete the process of activating the PayLater account
• Go to the Pockets dashboard to check your PayLater account details.

As you know by now, this service is not available to all ICICI customers. Like all credit-giving schemes, here also you have some eligibility criteria after fulfilling which you will be eligible to avail of the Paylater by ICICI feature.

• PayLater facility is available only through the ICICI Bank platform
• Those customers found eligible as per the criteria, and credit assessment of the bank will get the PayLater account.
• Select customers receive an invitation from ICICI Bank to sign up for the PayLater facility
• The customer should have internet banking or iMobile facility or be using the Pockets Wallet app.
• The selected customers receive a pre-approved limit ranging between 7,500 and 50,000

Yes, there are some ICICI Pay Later charges that the bank charges from customers. The charges include a one-time ICICI Pay Later activation charge of Rs. 500 plus applicable GST. Also, a service charge of Rs. 75 plus applicable taxes is levied on every monthly spending of Rs. 3,000 from your ICICI Bank PayLater account (this charge is applicable on monthly spending of Rs. 3,000 or above). Customers will also be charged a penal interest based on the daily total outstanding post the ‘Pay by Date’. Additionally, fixed late payment charges will also be levied in subsequently generated bills until dues are cleared.

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 “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 Oct 01 till Oct 31, 2023, in the bill generated on Nov 16, 2023, and the due date will be Nov 30, 2023.”

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 my ICICI Paylater account?” which is running through your mind.

• The PayLater facility allows customers to purchase online from the ICICI Bank platform using their UPI.
• PayLater facility is only available for merchant UPI ID transactions and not for payments to individual user UPI IDs.

• On activating PayLater, you will get PayLater as a payment option while making online payments. It is similar to making payments using credit cards or debit cards and Internet banking.
• Select the PayLater option, and the system debits your credit line.
• ICICI Bank generates a statement on the 1st of every month detailing the usage of the PayLater account during the month.
• Customers have 15 days to pay the amount. As you have given an auto-debit standing instruction at the time of availing the facility, the system debits your account automatically.
• Customers have to maintain the required balance on the due date
• If there is an insufficient balance, it is a default in payment. The Bank can charge interest @ 3% on the unpaid amount along with a fixed late payment fee.

The 5 major advantages of ICICI PayLater that make it one of the most availed services on the ICICI portals are:

• Access to instant funds at your fingertip: 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.
• Zero-interest credit scheme: 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.
• Easy repayments: You can simply add the funds to your linked Savings Account and the bank will automatically deduct the outstanding balance from your account.
• Sufficient margin to manage monthly expenses: PayLater by ICICI comes with a credit limit ranging from Rs 7,500 to Rs 50,000 based on a customer’s eligibility and account history.
• Maintain savings account balance and earn interest: 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 PayLater, you may register your grievance with ICICI PayLater customer care 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) to ICICI Pay Later customer care which is not more than 2 months old.