ICICI Bank collaborates with PhonePe to provide instant credit on UPI

By Gloria Mathias

ICICI Bank has announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the digital payments company’s app.

The partnership enables millions of pre-approved ICICI Bank customers to activate short-term credit lines instantly on the PhonePe app and use it for UPI transactions seamlessly and securely. The bank offers a 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 more.

Niraj Tralshawala, Product Head of Payment Solutions at ICICI Bank, said, “We at ICICI Bank are delighted to partner with PhonePe to provide seamless and easy access to credit to millions of customers. At the advent 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.”

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. At PhonePe, we are focused on maximising 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 allows customers to transact using any UPI payment app.

To activate a credit line on PhonePe, login to your PhonePe app and click on the credit activation banner shown on the app. Check the product features and charges and proceed with activation. Complete all authentication steps. Once the credit line has been approved, the customer can link it to UPI, set up a UPI PIN, and use it for UPI transactions.