ICICI Bank enables merchant QR code payments on digital rupee app
By Gloria Mathias
ICICI Bank has announced that it has enabled its customers to pay to any merchant QR code by using the Bank’s digital rupee (e₹) app, ‘Digital Rupee by ICICI Bank’.
The Bank has made it possible by making its digital rupee app UPI (Unified Payments Interface) interoperable. This integration empowers customers to scan existing UPI QR codes at merchant outlets and pay via the digital rupee app. At the same time, it helps merchants to accept digital rupee payments on their existing UPI QR code, eliminating the need for a mandatory onboarding procedure.
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.
Speaking on the initiative, Bijith Bhaskar, Head- 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, thereby exponentially expanding the avenues for payments. 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 digital rupee,” added Bhaskar.
The ‘Digital Rupee by ICICI Bank’ app is available for Android and iOS devices. The app provides users the convenience of loading their digital wallet from their ICICI Bank savings account. They can also transfer money or make payments to others.
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November 28, 2023
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