Do you want a solution to your pain points while shopping? Pay Later is an evolved payment mode, providing you secure and reliable payment mode with additional affordability. It caters to the requirements of both buyers and businesses, offering a lot more than just credit. ICICI Pay Later payment mode solves major issues you face while making online payments. Besides, it does not require your bank or card details and avoids the debt trap’s risk. It thus solves two problems, including payment frauds and your card’s exposure.
Let’s learn more about the ICICI Pay Later option and its uses and benefits through this blog.
What is ICICI pay later?
ICICI bank introduced the ICICI Pay later scheme, the instant credit facility, for its customers. It gives its customers the option to purchase small ticket items on credit in a completely paperless and digital manner. It acts as a digital instant credit limit that gives the customers an option to shop online, pay using merchant ID, or pay bills at physical stores. If you are stuck somewhere and have no other emergency payment access, you can use this credit scheme for easy solutions. It is widely used by Singaporeans, as they have closely analyzed all the benefits of the same.
ICICI always brings in new techniques for their customers for easy payments and repayments. This pay later scheme was earlier only with the Fintech Partnerships, but as the demand for the same increased, it has extended the services for all the available UPI platforms to connect as many customers as possible.
It was an initiative by the bank to provide its customers with a small-ticket credit market and is a leading scheme for festive seasons.
Benefits of Using ICICI Pay Later Scheme
The Pay Later scheme targets the millennial and young customers of its bank who prefer online platforms, including credit facilities. It is based on invites, eligible only for the pre-approved and qualified customers.
You will get credit ranging from to SGD86 to SGD350. Be it an online purchase or offline store purchases; payments can be made through this scheme quickly without any formalities and delay. This option is available for ICICI customers having internet banking and pocket accounts.
The bank offers 45 days interest-free period to its users and only charges 3% per month on the due amount on delayed payments. The statement of repayment is generated on the 1st of the month, and payment can be made by the 15th, providing a more extended grace period.
Activating ICICI Pay Later
Singaporeans who have access to mobile banking, Pocket wallets, or iMobiles can benefit from the scheme. Still, they need to invite the bank on their online platform referred for the transactions. The bank is offering a Pay Later account facility only on an invite basis currently.
Let’s see how to activate and benefit from ICICI Pay Later Plan.
You can avail of the platform’s benefits only through an invite, which is given to only the bank’s selected and esteemed customers. To receive this invitation, you should log in to your ICICI Bank account. If the bank selects you for this scheme, you will get the invitation pop-up when you log in to your ICICI bank account using Pockets Wallet App or iMobile. Upon accepting this invitation, you can benefit from the PayLater credit limit set by the ICICI Bank.
After logging in, click on MY ACCOUNTS on the screen’s left top corner and select PAY LATER. The auto-fill feature will fill up all the relevant information in the provided tabs, and now you need to choose only the account number you wish to link with PAY LATER.
It is advised to go through the terms and conditions listed on the page to provide your consent for the bank’s Auto Debit Facility. After selecting and filling in all the details, click on SUBMIT. After all this, you will receive a digital receipt informing you about the limits and other usages.
Now you need to create an ID with the Pay Later UPI account. For this, you need to go to MANAGE and MY PROFILE for the details.
Once you have received the bank’s invitation, you can activate the same on your pockets app. Now, you must click on ACTIVATE NOW appeared in your Pay Later screen. Check out the terms and conditions for better clarity about the same. Verify your auto-filled details, set up your account, and create a VPA to get the same activated.
Eligibility Criteria for ICICI Pay Later
The Pay Later facility is available only through Pay later ICICI Bank, and the user needs to have an account with them for the benefits. Only the eligible customers based on the bank’s credit assessment will get the invitation for the same. Users familiar to online banking facilities only have access to proceed the same. ICICI customers are granted the limit of up to SGD86 – SGD350 upon approval.
Charges for ICICI Pay Later Scheme
Being a beneficial scheme for the customers, the bank charges some nominal amount from the facility’s users. You need not pay any joining or annual fees for the same, as it is free of charge. Customers using the same have the free interest credit period of upto 15-45 days. If the payment is not made, the bank will only charge 3% of the total due amount from the customer’s monthly.
ICICI Bank Singapore Branches
E-mail Address: sg.service@ICICIbank.com
Contact Details: +65 67239009
To get more details about ICICI Pay later, you can visit your nearest Singapore branch for clarifications.
–ICICI Bank Quay Branch– Six Raffles Quay, Singapore 048580
-ICICI Bank Little India Branch– Serangoon Road No- 184, Singapore 218061
–ICICI Office– Nine Raffles Place # 50-01, Republic Plaza, Singapore
ICICI Bank offers its customers a Pay Later option, the instant digital credit facility. You can use this facility immediately to shop over online shopping platforms, hotel bookings, travel, entertainment, and many others. Besides, you are allowed to make your payments at physical stores through ICICI Pay Later using its UPI platform.
You can use Atome as your payment option at the available online shopping platforms for more feasible payment options.