Mumbai: ICICI Bank has announced that it has enabled millions of customers to pay to any merchant QR code by using the Bank’s digital rupee (e₹) app named ‘Digital Rupee by ICICI Bank’. The Bank has made it possible by making its digital rupee app UPI (Unified Payments Interface) interoperable.
This integration empowers customers to scan existing UPI QR code at merchant outlets and pay via the digital rupee app. At the same time, it helps merchants to accept digital rupee payments on their existing UPI QR code, eliminating the need for mandatory on-boarding procedure.
ICICI Bank’s introduction of UPI interoperability on its digital rupee app provides flexibility and convenience to customers. It also expands the usage of digital rupee. ICICI Bank was selected to participate in the first cohort of the pilot project on digital currency launched by the Reserve Bank of India (RBI) in December 2022. The Bank is live with this facility in 80 cities across the country.
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.”