ICICI Bank has teamed up with PhonePe to provide instant credit through UPI.
Banking & Finance
On October 8, 2024, ICICI Bank Limited, one of India’s leading private sector banks, announced its partnership with PhonePe, the country’s largest digital platform, to provide instant credit via the Unified Payments Interface (UPI) for its pre-approved customers through the PhonePe app.
- Eligible customers can access instant credit of up to Rs 2 lakh with a repayment period of 45 days.
- This credit line facility is compatible with various UPI payment apps, providing users with flexibility and convenience.
Main Points:- (i) PhonePe dominates the UPI transaction market with a 49% share of the total transaction volume in India, followed by Google Pay with 38%. Additionally, the PhonePe platform processes transactions worth nearly Rs 200 crore each month.
(ii) In 2023, the National Payments Corporation of India (NPCI) introduced the "credit line on UPI" service, which provides low-ticket, high-volume retail loans to individuals and businesses.
Managing Director (MD) and Chief Executive Officer (CEO):- Sandeep Bakshi
Headquarters- Mumbai, Maharashtra
____________________________
