ICICI Bank announced the linking of Unified Payments Interface (UPI) ID to its digital wallet 'pockets' on Wednesday, May 26, and made an exit from the current industry practice which demands such IDs to be linked with a savings bank account. The country's second-largest private bank collaborated with the National Payments Corporation of India (NPCI) to link its ‘pockets' digital wallet to the UPI network. This way the customer's UPI ID can be linked to his/her digital wallet, allowing them to make UPI payments with the digital wallet. (Also Read: How To Make UPI Payments With ICICI Bank's 'Pockets' Digital Wallet )
For availing of this facility, customers do not require a bank account to use a UPI ID on the 'pockets' app. Additionally, those who already have a UPI ID will receive a new ID when they log on to the ‘pockets' app. According to ICICI Bank, the advantages of UPI-linked ‘pockets' are as follows:
- Scan and Pay: Users can scan the QR codes and make payments at the merchant outlets or at other locations, through the BHIM UPI on the ‘pockets' app.
- Make and receive payments: Customers can also use their ‘pockets' UPI ID to pay against a collect request sent by another user or app. Users can also receive money by creating a collect request by entering a valid amount and the sender's UPI ID.
- Pay to contacts: With this feature, customers can easily make payments to their contacts in the phone book.
- UPI payments at merchant sites: Customers can make payments online at any merchant site by opting to make ‘payment through UPI' and by entering their ‘pockets' UPI ID. Upon entering the ID, a collect request is generated which can be accepted on the ‘pockets' app to complete the payment.
- Money transfers: Users can also easily transfer funds from their ‘pockets' wallet to a savings account or any other ‘pockets' wallet, by entering the receipient's ‘pockets' UPI ID or the savings account details