News Update

ICICI Bank Unveils Digital Rupee App with UPI Integration for Seamless Payments

• ByStartupStory     |    November 3, 2023

ICICI Bank, a leading financial institution in India, has taken a significant stride in advancing the digital payment landscape with the introduction of a novel feature in its ‘Digital Rupee by ICICI Bank’ app. This innovative feature empowers customers to make payments with digital rupees and positions ICICI Bank at the forefront of digital currency integration in the country.

Seamless payments are made possible through the integration of the Unified Payments Interface (UPI) into the digital rupee app. Customers can now simply scan existing UPI QR codes at merchant outlets and initiate payments using the digital rupee app. This streamlined process not only benefits customers but also provides a practical solution for retailers. Merchants can readily accept digital rupee payments through their current UPI QR codes, eliminating the need for additional onboarding procedures.

ICICI Bank’s integration of UPI into the digital rupee app represents a pivotal moment in the evolution of digital currency in India. The bank has been actively involved in this space, having been selected as part of the inaugural cohort for the digital currency pilot project initiated by the Reserve Bank of India (RBI) in December 2022. As of now, ICICI Bank has rolled out this feature in a remarkable 80 cities across the nation.

Bijith Bhaskar, Head of the Merchant Ecosystem at ICICI Bank, expressed his enthusiasm for the initiative, emphasizing the substantial expansion of payment options this new feature offers. “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.

For those eager to explore this digital payment avenue, the process is straightforward. Users need to update the ‘Digital Rupee by ICICI Bank’ app from their respective app stores. After logging in, they can select the ‘scan QR’ feature to scan the merchant’s UPI QR code, input the desired amount, and confirm the transaction with their PIN.

Furthermore, the ‘Digital Rupee by ICICI Bank’ app, available for both Android and iOS platforms, offers added conveniences. Users can conveniently load their digital wallet directly from their ICICI Bank savings account. The app also comes equipped with an automatic wallet refill feature that triggers when the balance falls below a specified threshold, ensuring uninterrupted digital currency transactions.

Exciting news! We’re now on WhatsApp Channels too.  Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!

ICICI Bank’s latest initiative not only enhances the ease of digital payments for customers but also paves the way for broader acceptance of digital currency in India, aligning with the country’s digital transformation journey.

Follow Startup Story