PhonePe now offers instant UPI credit for ICICI Bank customers
ICICI Bank has partnered with digital payments platform PhonePe, to offer instant credit on Unified Payments Interface (UPI) transactions. The service is only available for pre-approved ICICI Bank customers via the PhonePe app. The partnership will allow these customers to instantly activate a short-term credit line, offering up to ₹2 lakh with a repayment period of 45 days.
Initiative launched ahead of festive season
The initiative has been launched strategically ahead of the festive season. This is to help customers purchase high-value items like electronics, make travel bookings, hotel reservations, and pay bills. Niraj Tralshawala, Product Head - Payment Solutions at ICICI Bank, said, "During the festive season, pre-approved customers can activate their credit line instantly to fulfill their shopping needs on PhonePe."
Partnership aims to enhance personal banking experience
Tralshawala also stressed that this service is likely to greatly improve the personal banking experience of their customers. Deep Agrawal, Head of Payments at PhonePe, echoed these sentiments saying, "This partnership enables customers to avail flexible short-term credit through a fully digital experience within the PhonePe app." He further claimed that they believe it will unlock new opportunities for credit access in India.
Credit line offers flexibility across different UPI apps
The credit line offered through this partnership is interoperable across different UPI payment apps. This means that customers will have added flexibility and convenience in their transactions. To activate the credit line on PhonePe, users will have to log into the app, click on the credit activation banner, review product features and charges, complete authentication steps, and start using the credit line instantly for UPI transactions.
