ICICI Bank has launched a unique facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’. The Bank is the first in the industry to enable customers to make UPI transactions from their wallet balance instead of their savings account. This initiative enables users to undertake small value everyday transactions directly from their ‘Pockets’ wallet using UPI in a safe and secure manner.
ICICI Bank links UPI ID facility to its ‘Pockets’ digital wallet: All you need to know
Scan and Pay: Users can scan QR codes and make payments at merchant outlets or other locations, through BHIM UPI on the Pockets app.
Make and receive payments: Customers can use their Pockets UPI ID to pay against a collect request sent by another user or app. They can receive money too by creating a collect request by entering a valid amount and the sender’s UPI ID.
Pay to contacts: With this feature, users can seamlessly make payment to their contacts in the phone book.
UPI payments at merchant sites: Users can make payments online at any merchant site by opting to make ‘payment through UPI’ and entering their Pockets UPI ID. Once they enter their ID, a collect request is generated which can be accepted on the Pockets app to complete the payment, as per the release.
Money transfers: Customers can seamlessly transfer funds from their Pockets wallet to a savings account or any other Pockets wallet, by entering the recipient’s Pockets UPI ID or savings account details.
How to use ICICI BanK’s UPI ID facility
1) To start using the facility, a new user needs to download and log in to ‘Pockets’.
2) On successful login, a ‘Pockets’ VPA is automatically created based on the registered mobile number of the user.
3) There are no bank account details required for the creation of the UPI ID.
4) New users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to ‘Pockets’.
5) An existing user will get a new ID when they log on to the ‘Pockets’ app.