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Dailymirror.news,Mumbai, October 8th, 2024: ICICI Bank has announced a strategic partnership with PhonePe to provide instant credit on UPI to its pre-approved customers via the PhonePe app. This collaboration enables millions of ICICI Bank’s pre-approved customers to instantly activate a short-term credit line on the PhonePe platform, allowing them to perform UPI transactions securely and seamlessly. The bank offers a credit line up to ₹2 lakh, with a repayment period of 45 days.
This feature has been introduced during the festive season to help customers make high-value purchases, such as electronics, travel and hotel bookings, bill payments, and more.
Mr. Niraj Tralshawala, Product Head of Payment Solutions at ICICI Bank, said, “We are thrilled to partner with PhonePe to provide seamless and easy access to credit for millions of our customers. With the festive season approaching, ICICI Bank’s pre-approved customers can instantly activate the credit line to make payments for their shopping needs through PhonePe. This initiative is designed to enhance the personal banking experience by offering digital credit access.”
Mr. Deep Agrawal, Head of Payments at PhonePe, commented, “We are excited about our partnership with ICICI Bank to offer credit lines on UPI to their pre-approved customers. This collaboration will provide customers with easy access to short-term credit in a fully digital experience within the PhonePe app. The introduction of the UPI credit line is an innovative product that will change how credit is accessed and used in India. At PhonePe, we are focused on expanding the availability of this product, and this partnership with ICICI Bank is a significant milestone in that effort.”
The credit line is interoperable with various UPI payment applications, enabling customers to use it with any UPI-enabled app for transactions.
How to activate the credit line on PhonePe:
- Log in to your PhonePe app
- Click on the credit activation banner
- Review the product features and charges, and proceed with activation
- Complete the authentication process
- Once approved, link the credit line to UPI, set up a UPI PIN, and start using it for transactions
