My experiments with ICICI's newly launched PayLater account. This seems like a UPI creditcard, but with poor implementation. This looks like another desperate account from banks to get merchant transactions in their control.
Need Imobile to signup for this account. Received an invitation from bank to try it out. Signing up creates a CIBIL enquiry for 10K Overdraft even though initial credit limit allocation was 3750. This gives pl.<handle>@icici as upi handle.
When you use pl.<handle>@icici , the bank first checks for categorization of the handle as a verified merchant. It is not usable for p2p. you need to open Imobile-Paylater-UPI-Pending transfers and approve and submit the transaction via buttons (No PIN).
There won't be any alert if the request is not from a verified merchant. Even for verified transactions, the app won't give any notification. and 2 FA is enabled by 2 buttons, approve and submit without any PIN. cc: @logic How much this fits UPI regulations?
