Digital payments major PhonePe has announced a partnership with ICICI Bank to roll out credit-on-UPI for customers of the bank.

ICICI Bank has partnered with digital payments platform PhonePe, to offer instant credit on Unified Payments Interface (UPI) transactions. The service is only available for pre-approved ICICI Bank customers via the PhonePe app.

PhonePe's market share on UPI is pegged at 49 per cent, with the second-largest player Google Pay processing about 38 per cent of the total transaction volumes in the country

This partnership will enable customers to avail flexible short-term credit through a fully digital user experience from within the PhonePe app instantly, said PhonePe.

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Log in to the PhonePe app. Click on the credit activation banner. Review the product features and charges. Start using the credit line instantly for UPI transactions.