ICICI Bank has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
Through this partnership, millions of ICICI Bank pre-approved customers can instantly open a short-term credit line on the PhonePe app and use it securely and seamlessly for UPI transactions. The Bank provides a credit line on UPI with a 45-day payback term of up to 2 lakh.
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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.”
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.
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.”
PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016.
ICICI Bank Ltd is a leading private sector bank in India. The Bank’s total assets stood at ₹ 18,92,697 crore on June 30, 2024.
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