ICICI Bank allowed to empower numerous customers to make payments to any merchant through the use of the bank’s digital rupee application ‘Digital Rupee by ICICI Bank.’ This achievement was made attainable by ensuring that the bank’s digital rupee application is compatible with the Unified Payments Interface (UPI).
Customers can now use the digital rupee app to pay at merchants by scanning their existing UPI QR code. In addition, it assists retailers with accepting digital rupee payments using their current UPI QR code, doing away with the requirement for an obligatory on-boarding process.
Customers may now enjoy flexibility and convenience with ICICI Bank’s digital rupee app now that UPI compatibility has been added. Additionally, it increases the use of digital rupee. The Reserve Bank of India (RBI) has chosen ICICI Bank to be a member of the first cohort of its digital currency pilot project, which will begin in December 2022. This facility is operational for the Bank in 80 cities nationwide.
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 code, 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 and promote greater acceptance of digital currency among customers and contribute to an increased volume of transactions through digital rupee.”
