Credit on UPI - Business Outrank

ICICI Bank has announced through an official notice that it will stop providing PayLater credit services on UPI for all users starting from May 8, 2025 at 11:59 P.M. IST. The change in internal policy affects all users who have been using this feature for online transactions and recurring payments. The Reserve Bank of India gave its approval for the PayLater service which operates as a credit line on the Unified Payments Interface (UPI) in September 2023. The bank notified its customers about the decision through flash alerts on iMobile app and a public announcement on its official website. Users who have connected their PayLater account to Netflix or utility bill payments must find a new payment method right away because such transactions will stop processing after the deadline. The bank has stated that all outstanding debts need to be settled before their due dates to prevent additional charges. The iMobile app and internet banking provide users with the ability to settle their outstanding amounts. The bank states that late payment of dues may damage your credit history but timely payments will protect your credit score from any negative impact. The PayLater account Auto Pay features will be disabled after this change. Customers need to change their payment methods to prevent service interruptions. ICICI Bank published FAQs for users to explain that the service termination stems from internal policy decisions rather than regulatory modifications. The digital credit line service through UPI has experienced a major change which requires users to make swift adjustments.

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