ICICI Bank launched Digital Rupee App, with UPI integration for Seamless Payments

ICICI Bank, one of the leading financial institutions in India, has made significant progress in advancing the digital payment landscape. The bank recently introduced a novel feature in its 'Digital Rupee by ICICI Bank' app, which allows customers to make payments with digital rupees. This innovative feature has positioned ICICI Bank at the forefront of digital currency integration in the country.

Integrating the Unified Payments Interface (UPI) into the digital rupee app has made payments seamless. With this integration, customers can easily make payments at merchant outlets by scanning existing UPI QR codes using the digital rupee app. This simple and streamlined process not only benefits customers but also provides a practical solution for retailers. Using their current UPI QR codes, merchants can readily accept digital rupee payments without the need for additional onboarding procedures.

ICICI Bank has achieved a milestone in the development of digital currency in India by integrating UPI into the digital rupee app. The bank has been actively engaged in this field, being selected as part of the first cohort for the digital currency pilot project launched by the Reserve Bank of India (RBI) in December 2022. Currently, ICICI Bank has introduced this feature in an impressive 80 cities across the nation.

Bijith Bhaskar, the Head of the Merchant Ecosystem at ICICI Bank, expressed his excitement for the new initiative, highlighting the significant expansion of payment options that this feature offers. Bhaskar believes that this initiative will bring a paradigm shift in the future of digital payments in India, and promote greater acceptance of digital currency. He added that it is poised to increase the volume of transactions through digital rupee. For those who are interested in exploring this digital payment avenue, the process is simple. 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.

ICICI Bank has launched a mobile application called 'Digital Rupee by ICICI Bank' which is available for both Android and iOS users. The app offers various conveniences to its users. They can conveniently load their digital wallet directly from their ICICI Bank savings account. Moreover, the app comes equipped with an automatic wallet refill feature that triggers when the balance falls below a specified threshold, ensuring uninterrupted digital currency transactions. This initiative by ICICI Bank not only enhances the ease of digital payments for customers but also paves the way for broader acceptance of digital currency in India. This aligns with the country's digital transformation journey.