The UPI App has to be linked to your bank account. To pay with this, it is necessary to have money in your bank account.
The trend of digital payments has increased in recent times. It is also easy and there is no hassle of keeping cash in your pocket. Most people pay from UPI. Explain that the UPI Unified Payment Interface (Unified Payment Interface / UPI) is a real time payment system. The UPI App has to be linked to your bank account. However, to pay with this, it is necessary to have money in your bank account. When you pay from UPI, the money is deducted from your bank account. In such a situation, it is necessary to have money in your bank account to make payment from UPI. But now you can pay from UPI without having any money in your account.
ICICI Bank PayLater Account Features
ICICI Bank has started a service called Pay Letter Account (ICICI PayLater). Through this, users can scan and pay UPI QR Code. This service of ICICI is like paying by credit card. Please tell that it is not necessary to have money in the account to pay by credit card. You can spend earlier and there is a facility to pay later.
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These users will get the facility of pay letter
This pay letter facility will be available only to customers of ICICI Bank. If you are a customer of ICICI Bank, you can activate this service through iMobile, Pockets Wallet or Internet Banking. After activating the service, you [email protected] Will provide an UPI ID and a pay letter account number. Apart from UPI, this service can also be used through NetBanking.
They will not be able to pay
Explain that no user can pay his credit card bill through PayLater account. Also, you cannot transfer from person to person fund. Through this service, only those merchants who can accept payments through UPI or ICICI Internet Banking can pay. Through this, you can pay big online merchants like Amazon, Paytm, Mobikwik, Future Pay, Flipkart, PhonePe etc. Apart from this, shoppers can also pay by scanning the UPI QR code.
ePayLater closed credit facility
Explain that before ICICI Bank, a start-up named epaylater started such service in association with IDFC Bank. Through this, users could scan and pay UPI QR code. In this, any bank could have an account. However, in the Corona era, this company has discontinued the credit facility.