ICICI Bank said that through this facility, new users, including those who are not customers of the bank, can now quickly access the UPI ID, which is automatically linked to ‘packets.’
ICICI Bank today announced the integration of a UPI or Unified Payments Interface ID into its digital wallet pockets, signaling an exit from the current practice that requires those IDs to be linked to a savings bank account. The second-largest private bank in the country will enable customers to pay the UPI with a ‘pocket’ wallet through this facility.
As stated by ICICI Bank on Wednesday, May 26, new users, including those who are not customers of the bank, can now instantly access the UPI ID, which is automatically linked to ‘packets.’
According to the statement, customers do not need a bank account to use the UPI ID in the ‘packets’ system. In addition, customers who already have a UPI ID will now receive a new ID when they enter the ‘Packs’ app.
In this step, ICICI Bank has partnered with the National Payments Corporation of India (NPCI) to connect its digital ‘pocket’ wallet to a UPI network. As a result, the customer’s UPI ID is connected to its digital wallet.
How to Make UPI Payments with ICICI Bank Digital Funds: A Step-by-Step Guide
- A new user needs to download and sign in to ‘Pocket.’
- When you log in successfully, VPA’ packets’ are automatically generated based on the user’s registered mobile number.
- For example, 9999xxxxxx @ in packages where ‘9999xxxxxx ‘is a registered mobile number.
- No bank account details are required for the creation of the UPI ID, according to ICICI Bank.
- Users can also change the customized UPI ID to their preferred ID, by using the ‘change’ option under ‘BHIM UPI’ within the mobile app.
Making UPI Payments With ICICI Bank’s ‘Pocket’ Digital Wallet: How Will It Help Consumers?
- The new facility will allow customers to perform small daily tasks directly from their ‘pocketbook’ using the UPI safely and securely.
- It will also help customers to simplify the number of daily activities from their savings account and continue to filter the account statement for storage for multiple entries.
- The center is increasing the use of the UPI for younger adults as college students, who may not have a savings bank account.
- Customers who use ‘packets’ can pay or receive money directly from or in the balance of the ‘pocket’ wallet without using their savings bank account.
- Users of digital ‘wallets’ can use UPI ID to make personal payments (P2P), such as sending money to any person’s bank account or contact payment.
- Users can also make personal payments (P2M), such as paying online at merchant sites or paying by scanning QR codes. Users can also earn rewards on all transactions they make using the wallet.
On Wednesday, May 26, ICICI Bank shares paid 0.42 percent more than 2 652.55 per share on BSE.