ICICI Bank and PhonePe partner to offer instant credit via UPI

On Tuesday, ICICI Bank announced a collaboration with PhonePe to provide instant credit on UPI to its pre-approved customers through the digital payments company's app. This partnership allows pre-approved ICICI Bank customers to quickly activate a short-term credit line on the PhonePe app and utilize it for UPI transactions smoothly and securely. The bank offers a credit line on UPI of up to Q lakh with a 45-day repayment period.

According to Deep Agrawal, Head of Payments at PhonePe, this partnership will allow customers to access flexible short-term credit through a completely digital user experience within the PhonePe app instantly. The credit line on UPI is designed to be interoperable across various UPI payment applications, giving customers the flexibility to transact using any UPI payment app. This initiative is rolled out during the festive season to empower customers to make high-value purchases such as electronics, travel and hotel bookings, bill payments, and more.