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ICICI Bank has teamed up with PhonePe to provide instant credit through UPI.

Banking & Finance | Dated: 10 Oct 2024

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.

🎯 Key Highlights:

  • - 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.

💡 Other Important Facts:

  • (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.

📚 Test Your Knowledge:

Which bank has recently partnered with PhonePe to offer instant credit through UPI?

Correct Answer: ICICI Bank

🚀 Quick Recap:

About ICICI Bank

  • Managing Director (MD) and Chief Executive Officer (CEO):- Sandeep Bakshi
  • Headquarters- Mumbai, Maharashtra