· The Bank’s pre-approved customers can use credit for UPI transactions on the PhonePe app
ICICI Bank today announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company. The partnership enables millions of pre-approved customers of ICICI Bank to activate short term credit line instantly on the PhonePe app, and use it for UPI transactions in a seamless and secure manner. The Bank offers credit line on UPI for up to ₹2 lakh with a repayment period of 45 days.
The facility is announced during the festive season to empower customers to purchase high ticket items like electronics, travel and hotel bookings, bill payments, and much more.
Mr. Niraj Tralshawala, Product Head- Payment Solutions, ICICI Bank said, “We at ICICI Bank are delighted to partner with PhonePe to provide seamless and easy access of credit to millions of customers. At the anvil of the festive season, the pre-approved customers of ICICI Bank can activate the credit line instantly to make payments for their festive shopping needs on PhonePe. Aimed at providing seamless digital credit, this offering is likely to play an important role in the personal banking experience of our customers.”
Commenting on the partnership, Mr. Deep Agrawal, Head of Payments at PhonePe said, “We are excited to partner with ICICI Bank to extend the credit line on UPI offering to pre-approved ICICI Bank customers on our platform. This partnership will enable customers to avail flexible short-term credit through a fully digital user experience from within the PhonePe app instantly. Credit Line on UPI is yet another innovative product offering that will unlock and revolutionize access and use of credit in the country. At PhonePe, we are focussed on maximizing the reach and availability of this product and this partnership with ICICI Bank is a key milestone in that journey.”
This credit line is interoperable across various UPI payment applications and provides customers the facility of transacting using any UPI payment app
Steps to activate credit line on PhonePe:
· Login to your PhonePe app
· Click on the credit activation banner shown on the app
· Check the product features, charges and proceed for activation
· Complete all authentication steps
· Once the credit line has been approved, the customer can link it UPI, set up a UPI Pin and use it for UPI transactions