ICICI Bank partners with PhonePe to offer instant credit on UPI

Mumbai, 8th October 2024: ICICI Bank today 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 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.

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.”

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.”

This credit line is interoperable across various UPI payment applications and provides customers the facility of transacting using any UPI payment app.

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.      

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 560+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 280+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

For more details, contact: [email protected]

About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at ₹ 18,92,697 crore at June 30, 2024.

For news and updates, visit www.icicibank.com and follow ICICI Bank on X at www.twitter.com/ICICIBank. For media inquiries, please contact [email protected]