back Back

ICICI Bank enables merchant QR code payments on digital rupee app

By Gloria Mathias

November 07, 2023

  • ‘Digital Rupee by ICICI Bank’
  • Banking technology
  • Digital Currency
Share

ICICI Bank, Digital eRupee, Digital Currency, e-wallets, RBI, QR Payments, QR Code Merchant Payments, Fintech News, Fintech India, Fintech news, ICICI Bank, Banking Technology, Payments Solutions, 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.

Previous Article

November 07, 2023

PayPal & commercetools team to enhance checkout experience

Read More
Next Article

November 07, 2023

Froda and Ageras partner to power SME financing across Europe

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

‘Digital Rupee by ICICI Bank’

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 14, 2024

Doha Bank & Mastercard partner to boost digital payments in Qatar

Read More

June 14, 2024

Paytiko brings its payment management solutions to Dubai, UAE

Read More

June 14, 2024

Bendigo & Adelaide Bank tap MongoDB to modernize core banking technology with Gen AI

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023