ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
“The partnership enables millions of pre-approved customers of ICICI Bank to activate short term credit line instantly on the PhonePe app, and use it for UPI transactions in a seamless and secure manner. The Bank offers credit line on UPI for up to ₹2 lakh with a repayment period of 45 days,” the bank said in a statement.
“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,” it added.
Steps to activate credit line on PhonePe:
● Login to your PhonePe app
● Click on the credit activation banner shown on the app
● Check the product features, charges and proceed for activation
● Complete all authentication steps
● Once the credit line has been approved, the customer can link it UPI, set up a UPI Pin and use it for UPI transactions.
This credit line is interoperable across various UPI payment applications and provides customers the facility of transacting using any UPI payment app.
