ICICI Bank has announced a new partnership with PhonePe, enabling its pre-approved customers to access instant credit on UPI transactions. The collaboration allows millions of ICICI Bank customers to activate a short-term credit line of up to ₹2 lakh on the PhonePe app, with a repayment period of 45 days. This offering is set to enhance the personal banking experience, especially during the festive season when customers can use the credit for high-ticket purchases, including electronics, travel bookings, and bill payments.
Niraj Tralshawala, Product Head – Payment Solutions at ICICI Bank, expressed enthusiasm about the partnership, stating, “We are delighted to provide seamless and easy access to credit for our customers, empowering them to meet their festive shopping needs.” Deep Agrawal, Head of Payments at PhonePe, added, “This collaboration is a key milestone in revolutionizing credit access in India, offering a fully digital user experience on our platform.”
In Guwahati , this initiative is expected to fuel consumer spending, as the region witnesses growing demand for electronics and travel services, especially during the festive period. The instant credit line on UPI offers customers greater flexibility, further driving local commerce. The credit line is interoperable across UPI platforms, making it convenient for users to transact using any app.