ICICI Bank said it has enabled payment to any merchant QR code through its digital rupee (e₹) app named ‘Digital Rupee by ICICI Bank’. The bank has made it possible by making its digital rupee app UPI (Unified Payments Interface) interoperable.
This integration allows customers to scan existing UPI QR code at merchant outlets and pay via the digital rupee app. At the same time, it helps merchants accept digital rupee payments on their existing UPI QR code, eliminating the need for onboarding.
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ICICI Bank’s introduction of UPI interoperability on its digital rupee app provides flexibility and convenience to customers. It also expands the usage of the digital rupee.
ICICI Bank was selected to participate in the first cohort of the pilot project on digital currency launched by the Reserve Bank of India (RBI) in December 2022. The bank is live with this facility in 80 cities across the country.
Bijith Bhaskar, Head of Merchant Ecosystem ICICI Bank, said, “At ICICI Bank, we strive to provide seamless, innovative digital banking solutions to our customers. This new feature on our digital rupee app—‘Digital Rupee by ICICI Bank’—enables the bank’s customers to make payments on existing merchant QR codes, exponentially expanding the payment avenues. We are honoured to participate in this yet another significant ecosystem-level move towards Digital India. We believe this initiative will bring a paradigm shift in the future of digital payments in India, promote greater acceptance of digital currency among customers, and contribute to an increased volume of transactions through the digital rupee.”
Steps to make quick payments through ‘Digital Rupee by ICICI Bank’:
Step 1: Open AppStore or PlayStore to update ‘Digital Rupee by ICICI Bank’ to the latest version
Step 2: Login through the app
Step 3: Click on the scan QR option and scan the merchant’s UPI QR code
Step 4: Select the amount and enter the PIN
Step 5: The transaction is done
The ‘Digital Rupee by ICICI Bank’ app is available for Android and iOS devices. The app allows users to load their digital wallet from their ICICI Bank savings account. They can also transfer money or make payments to others. The app also loads money to the wallet from the customer’s savings account automatically when the balance in the wallet falls short of a specified amount.
