&w=3840&q=100)
ICICI Bank ends PayLater on UPI: Here's what's changing for users now
ICICI Bank has officially discontinued its PayLater credit line service on UPI for all customers. Once a popular feature for users looking to make short-term purchases with a deferred payment option, the bank has now closed the facility, according to an update on its official website.
The move affects users who previously used PayLater as a digital credit line for instant purchases via UPI, including both online and offline merchants. Here's a detailed look at what ICICI Bank has said about this change, and what customers need to do now.
Why ICICI PayLater has been discontinued?
According to the bank's PayLater page and FAQs, the service has been stopped 'as per internal policy.' No specific external regulatory reason has been cited. ICICI Bank has confirmed that the decision affects all customers, irrespective of how frequently they used the feature or their credit history with the bank.
What happens to customers using it?
The bank has provided clarity on what customers can expect going forward:
· No new transactions: Customers can no longer use PayLater to make payments via UPI, including through popular apps like iMobile Pay and other third-party UPI apps.
· Existing dues remain payable: Users with pending PayLater dues must continue to repay their outstanding balances. The usual repayment timelines, as previously communicated in monthly statements, will continue to apply.
How can users repay existing dues?
The bank has provided repayment options through its digital platforms:
· Customers can log in to iMobile Pay or Internet Banking to check and pay their outstanding dues.
· Repayments must be made using linked savings accounts or other approved methods as per earlier PayLater repayment norms.
Which services are not affected?
The lender clarified that the PayLater closure is specific to UPI transactions. Other bank services, including credit cards, savings accounts, and loans, remain unaffected.
What should customers do now?
· Check your PayLater account on the iMobile Pay app or through Internet Banking.
· Clear any outstanding dues by the due date to avoid penalties.
· Keep an eye on future communications from the bank regarding your PayLater account.
The bank has advised customers to reach out through its digital channels or visit a branch in case they have further questions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
an hour ago
- Hans India
Indian diaspora in UK applauds PM Modi govt's 11-year milestone
London: As Prime Minister Narendra Modi marks 11 transformative years at the helm of the Union government, members of the Indian diaspora in the United Kingdom (UK) are coming forward to express their admiration and pride in the nation's progress under his leadership. From professionals in London to community leaders in Slough town in Berkshire, a shared sentiment resonates among them: India's global stature has risen to unprecedented heights. They attribute this progress to PM Modi's commitment to stable governance, the uplift of millions from extreme poverty, advancements in India's Defence capabilities, and the positioning of the nation as a leading economic and cultural force on the world stage. Speaking to IANS, Indian-origin cancer scientist Vishal said, 'In the last 11 years, extreme poverty has fallen significantly, and India has become the fourth-largest economy. That's a powerful testament to growth and governance. "The changes are palpable; people now see us with respect. There are countless benefits that come with becoming the fourth-largest economy. Extreme poverty in India has dropped remarkably from 27.1 per cent in 2011-12 to just 5.3 per cent in 2022-23, paving the way for good job opportunities. "Furthermore, we are making significant strides in Defence, focussing on exports. Our purchasing power has also increased drastically. We are doing exceptionally well, and I hope PM Modi continues as Prime Minister for two more terms to witness even more developmental efforts.' Alok Gupta, Co-Founder and Director of the Indian Diaspora in the UK (IDUK) Group, emphasised India's leadership in digital transformation, the successful hosting of the G20 Summit, and the push for Defence self-reliance through the 'Make in India' initiative. 'Whether it's the Unified Payments Interface (UPI) or vaccine export, the world is now watching India. We have surged from the tenth to the fourth position among the world's economies, surpassing Japan. India is the fastest-growing economy globally. "During COVID-19, we not only produced vaccines for our citizens but also exported them. Under the 'Make in India' initiative, we are manufacturing everything domestically, including Defence equipment. In the recent conflict with Pakistan, we utilised indigenous equipment. It's commendable how we are emerging as an exporter in the Defence sector. "Hosting the G20 Summit in 2023 showcased our status as a world power. Digital transformations like UPI are further milestones that make us proud.' Many diaspora members also commended India's firm response to terrorism, particularly in light of the recent attacks in Pahalgam in which 26 people were killed. They noted how the abrogation of Article 370 has transformed Kashmir, enhancing tourism and local livelihoods. Another diaspora member residing in the UK stated, 'We are emerging as a world power. PM Modi has provided stable governance for two terms and is now in his third term. His leadership is remarkable. Additionally, he has facilitated a cultural exchange, as evidenced by Saudi Arabia embracing yoga. Recently, India has emerged as the world's fourth-largest economy.' Across interviews and public forums, the diaspora expressed a unified belief: Under PM Modi's leadership, India has not only reconnected with its civilisational pride but has also emerged stronger, prouder, and more united on the global stage.
News18
2 hours ago
- News18
OkCredit Founder Harsh Pokharna Reveals Why He Started The App
Last Updated: In a LinkedIn post, Harsh Pokharna, co-founder and CEO of OkCredit, shared how he grew up as the kind of kid no one noticed. 'I didn't build OkCredit to help shopkeepers. I built it because I wanted the world to clap for me." That's how Harsh Pokharna, co-founder and CEO of OkCredit, begins one of the most honest posts you will read from a founder. Instead of sugar-coating his journey, Harsh chose to open up about the real reason he started a company. It wasn't for the mission or the market, it was to feel 'seen." In a LinkedIn post, the Bengaluru-based CEO shared how he grew up as the kind of kid no one noticed. 'Not the funny one. Not the charming one. Not even the nerdy topper. Other kids were cooler – Better English, better clothes, better hair, more confidence," Harsh wrote. And that left a mark. So, he made a promise to himself: 'Build something so big, they have to notice you." His journey wasn't driven by some big noble purpose in the beginning. 'I didn't give a s*** about ledger books or UPI adoption in tier 2 towns. That all came later." The need for recognition drove him. 'I wanted to be seen. To feel like I mattered. To prove that I wasn't a nobody," the entrepreneur said. Harsh admitted that even today, part of him still craves that spotlight. 'The funding announcements. The spotlight. The validation. It feeds that broken part of me that still thinks he's not enough," he stated. 'People think startups are built on great ideas. But more often than not, they're built on childhood wounds," he continued. Harsh's post struck a chord with many. People praised him for his honesty and vulnerability. One user commented, 'Finally, someone said it and it's the naked truth. Thanks for sharing and making LinkedIn a bit authentic." Another added, 'Takes a lot to realise this and courage to speak these words. Inspiring." 'Sometimes what drives us isn't the product, but the human need to be seen and valued. Real leadership starts when we face that," someone else noted. A person remarked, 'Not many will dare to be candid but this is so true & raw. No stories needed." Harsh Pokharna, an IIT graduate, co-founded OkCredit in 2017 along with Aditya Prasad. OkCredit is a digital bookkeeping platform aimed at simplifying financial transactions for small businesses.
Time of India
2 hours ago
- Time of India
The e-rupee is really taking off — and growing faster than UPI or crypto
The e-rupee is really taking off — and growing faster than UPI or crypto RBI's Digital Rupee is still in its pilot phase, but already looks like a big hit. TOI explains what this currency is all about
