ICICI Bank's 'Digital Rupee' App Now Allows Easy Merchant Payments Via UPI

ICICI Bank has announced a significant enhancement to its 'Digital Rupee by ICICI Bank' app, enabling customers to effortlessly make payments to any merchant using QR codes. This development comes as the bank integrates its digital rupee app with the Unified Payments Interface (UPI), making it interoperable for seamless transactions.

The integration empowers customers to scan existing UPI QR codes at merchant establishments and initiate payments directly through the 'Digital Rupee by ICICI Bank' app. Simultaneously, it streamlines the process for merchants, enabling them to accept digital rupee payments on their existing UPI QR codes without any mandatory onboarding procedures.

ICICI Bank's introduction of UPI interoperability serves as a pivotal moment in expanding the usage of the digital rupee. The bank was among the first institutions selected to participate in the pilot project for digital currency by the Reserve Bank of India (RBI) in December 2022. As of now, this innovative facility is live in 80 cities across the country.

Bijith Bhaskar, Head of Merchant Ecosystem at ICICI Bank, expressed his enthusiasm for this revolutionary initiative, stating, "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, thereby exponentially expanding the avenues for payments."

The process of making payments through 'Digital Rupee by ICICI Bank' is stated below:

Step 1: Update the 'Digital Rupee by ICICI Bank' app to the latest version, which is available on both AppStore and PlayStore.

Step 2: Log in to your account using the app.

Step 3: Click on the 'scan QR' option and scan the merchant's UPI QR code.

Step 4: Select the desired amount and enter your PIN to complete the transaction.

The 'Digital Rupee by ICICI Bank' app is compatible with both Android and iOS devices, offering customers the flexibility to transfer money or make payments to others. Additionally, the app automatically tops up the wallet from the customer's savings account when the wallet balance falls below a specified amount, ensuring a hassle-free and seamless payment experience.

This latest move by ICICI Bank promises to revolutionize the way customers and merchants engage in digital payments, eliminating the need for new onboarding processes and offering a more accessible and convenient way to transact using the digital rupee.