ICICI PayLater is offering an instant credit facility of up to INR20,000 to enable customers to buy small ticket items.
Moreover, credit is interest free and available for up to 45 days.
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Specifically, the new service is targeted at young and millennial customers.
Initially, ICICI PayLater is on offer to pre-approved and qualified customers of ICICI.
Customers can sign up for ICICI PayLater through iMobile, the bank’s mobile banking app.
B Madhivanan, Group Executive and Chief Technology & Digital Officer, ICICI says: “ICICI Bank has a rich legacy of offering path-breaking products. We have revolutionised the consumer loan business in the country.
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By GlobalData“We are witnessing two distinct new trends: One, many customers, who have not taken any credit so far and therefore do not have a credit history, are looking for short term credit. Two, millions of young Indians are now buying products online. “We have combined these two insights to bring out a novel proposition of giving short term digital credit, instantly.”
ICICI PayLater-part of a $1trn opportunity
India’s digital lending market is estimated to offer a $1trn opportunity over the next five years.
ICICI PayLater uses the bank’s Big Data based algorithm for undertaking credit assessment of customers. To this end, the algorithm uses an intelligent combination of parameters including a Credit Bureau check and transaction history.
Once the credit limit is set up for a customer, a consolidated bill is generated on the first day of the subsequent month, which has to be paid by the 15th day of the same month.
Meantime, ICICI is rolling out a multimedia campaign addressing security concerns of customers who use credit cards. The campaign launches ICICI’s ‘Manage Cards’ feature which has been introduced to the Bank’s mobile banking platform iMobile.
Notably, the feature is a local first-in-the-industry for credit cards. As a result, customers can control the security of their cards from their own phones.
