ICICI Bank today announced the linking of UPI or Unified Payments Interface ID to its digital wallet 'pockets', marking an exit from the current practice which demands such IDs to be linked with a savings bank account. With this facility, the country's second-largest private bank will enable customers to make UPI payments with the 'pockets' digital wallet. According to a statement shared by ICICI Bank on Wednesday, May 26, the new users, including those who are not customers of the bank, can now instantly get a UPI ID, which is automatically linked to 'pockets'. (Also Read: ICICI Bank Profit Jumps 260% To ₹ 4,403 Crore In March Quarter )
According to the statement, customers do not require a bank account to use a UPI ID on the 'pockets' app. Moreover, customers who already have a UPI ID will now receive a new ID when they log on to the ‘pockets' app.
For this initiative, ICICI Bank collaborated with the National Payments Corporation of India (NPCI) to link its ‘pockets' digital wallet to the UPI network, so that the customer's UPI ID can be linked to his/her digital wallet.
How To Make UPI Payments With ICICI Bank's 'Pockets' Digital Wallet: Step-By-Step Guide
- In order to start using the facility, a new user needs to download and log-in to ‘Pockets'.
- Upon successful login, a ‘pockets' VPA is automatically created based on the registered mobile number of the user.
- For example, 9999xxxxxx@pockets where ‘9999xxxxxx' is the registered mobile number.
- There are no bank account details required for the creation of the UPI ID, according to ICICI Bank.
- Users can also modify the auto-created UPI ID to an ID of his or her choice, through the ‘modify' option under the ‘BHIM UPI' within the mobile app.
Making UPI payments With ICICI Bank's 'Pockets' Digital Wallet: How will it benefit customers?
- This new facility will allow customers to undertake the small value everyday transactions directly from their ‘pockets' wallet using the UPI in a safe and secure manner.
- It will also help customers to streamline the number of transactions being undertaken everyday from their savings account and further de-clutter the savings account statement of multiple entries.
- The facility expands the usage of UPI to young adults such as college students, who may not have a savings bank account.
- Customers using ‘pockets' can pay or receive money directly from or to the ‘pockets' wallet balance without using their savings bank account.
- The users of ‘pockets' digital wallet can use the UPI ID to make person-to-person (P2P) payments such as sending money to any individual's bank account or paying to a contact.
- Users can also undertake person to merchant (P2M) payments such as paying online at the merchant sites or paying by scanning the QR codes.
- Users can also receive rewards on every transaction that they make using the wallet.
On Wednesday, May 26, shares of ICICI Bank settled 0.42 per cent higher at Rs 652.55 apiece on the BSE.