ICICI Bank has launched an instant digital loan facility ‘PayLater’. The service is targeting young and millennial customers, the bank said in a statement. The bank expects that in ongoing festive season, the new service will enable lakhs of ‘new-to-credit’ customers to make their purchases in a seamless manner. The bank said India’s digital lending market is estimated to offer a $1 trillion opportunity over the next 5 years, while millions of young Indians are now buying products online. This proposition will offer young and millennial customers instant access to short term funds, thereby eliminating the hassle of long waiting hours and extensive paperwork. Available 24X7 on all days, ‘PayLater’ will use the bank’s new Big Data based algorithm for undertaking credit assessment of customers. It is an instantly available digital loan facility to pre-approved and qualified customers up to Rs 20,000. It is available through iMobile, the bank’s mobile banking app, ‘Pockets’, its digital wallet and internet banking platform. Customers can use it immediately to shop online on eCommerce sites, entertainment, travel, accommodation bookings among others. Customers can also make payments at physical stores through PayLater using the UPI platform.
