ICICI Bank has introduced the ‘Digital Rupee by ICICI Bank’ app, allowing millions of customers to pay using any merchant QR code. The Bank has made it possible by making its digital rupee app UPI (Unified Payments Interface) interoperable.
ICICI Bank has integrated UPI interoperability into its digital rupee app, allowing customers to scan their existing UPI QR code at merchant outlets and pay via the app. This eliminates the need for mandatory on-boarding procedures and provides flexibility and convenience for customers.
The bank participated in the Reserve Bank of India’s pilot project on digital currency in December 2022 and is currently using this facility in 80 cities across India. Speaking on the initiative, Mr. Bijith Bhaskar, Head- Merchant Ecosystem, ICICI Bank said, “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.” The ICICI Bank’s ‘Digital Rupee by ICICI Bank’ app is available on Android and iOS devices, allowing users to load their digital wallet from their savings account, transfer money, and make payments.