In a significant move to foster the digital payment landscape in India, ICICI Bank announced on November 2, a novel feature that enables customers to make payments using its ‘Digital Rupee by ICICI Bank’ app. This announcement propels ICICI Bank to the forefront of digital currency integration in the country.
Seamless Payments with QR Codes
The bank’s integration of the Unified Payments Interface (UPI) into its digital rupee app offers a convenient method for customers. They can simply scan existing UPI QR codes at merchant outlets and instantly pay via the digital rupee app. This not only streamlines the payment process for customers but also aids retailers. Merchants can readily accept digital rupee payments through their current UPI QR codes, thereby doing away with any extra onboarding procedures.
A Milestone in Digital Currency Evolution
The introduction of UPI interoperability in the digital rupee app marks a pivotal moment for digital currency in India. ICICI Bank’s foray into this domain isn’t recent; the bank was chosen to be part of the inaugural cohort for the digital currency pilot project inaugurated by the Reserve Bank of India (RBI) in December 2022. As of now, the bank has rolled out this facility in a commendable 80 cities nationwide.
Bijith Bhaskar, Head of the Merchant Ecosystem at ICICI Bank, expressed his enthusiasm about the initiative, stating that the new feature in the digital rupee app exponentially augments payment avenues. “We believe this initiative will bring a paradigm shift in the future of digital payments in India and promote greater acceptance of digital currency. It’s poised to augment the volume of transactions through digital rupee,” he added.
How to Navigate the Digital Payment Avenue:
For those eager to venture into this digital payment realm, here are the steps:
- Navigate to the AppStore or PlayStore and update the ‘Digital Rupee by ICICI Bank’ app.
- Log into the app.
- Opt for the ‘scan QR’ feature and scan the merchant’s UPI QR code.
- Input the desired amount and confirm with the PIN.
- Transaction complete!
Additionally, the ‘Digital Rupee by ICICI Bank’ app, available for both Android and iOS platforms, offers other conveniences. Users can seamlessly load their digital wallet directly from their ICICI Bank savings account. The app is also configured to automatically refill the wallet from the linked savings account when the balance dips below a certain threshold.
