ICICI Bank has launched a new facility for its customers. The private sector bank enables its users to link UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’. This means that the users can make UPI transactions from their wallet balance instead of their savings account.
Customers who already have a UPI ID, will get a new ID when they log on to the ‘Pockets’ app. The new users, including those who are not customers of ICICI Bank, will get a UPI ID instantly, which is automatically linked to ‘Pockets’.
“This initiative enables users to undertake small value everyday transactions directly from their ‘Pockets’ wallet using UPI in a safe and secure manner. It helps them to streamline the number of transactions being undertaken daily from their savings account and thus de-clutter their savings account statement of multiple entries”, the company said in a press statement.
ICICI bank has collaborated with NPCI to link its ‘Pockets’ digital wallet to the UPI network. Users of ‘Pockets’ digital wallet can use the UPI ID to make person to person (P2P) payments such as sending money to an individual’s bank account. They can also pay online at merchant sites or pay by scanning QR codes. Users will get rewards on every transaction they make using the wallet.
Here’s how to start
Customers who already have a UPI ID, will get a new ID when they log on to the ‘Pockets’ app. The new users, including those who are not customers of ICICI Bank, will get a UPI ID instantly, which is automatically linked to ‘Pockets’.
“This initiative enables users to undertake small value everyday transactions directly from their ‘Pockets’ wallet using UPI in a safe and secure manner. It helps them to streamline the number of transactions being undertaken daily from their savings account and thus de-clutter their savings account statement of multiple entries”, the company said in a press statement.
ICICI bank has collaborated with NPCI to link its ‘Pockets’ digital wallet to the UPI network. Users of ‘Pockets’ digital wallet can use the UPI ID to make person to person (P2P) payments such as sending money to an individual’s bank account. They can also pay online at merchant sites or pay by scanning QR codes. Users will get rewards on every transaction they make using the wallet.
Here’s how to start
- To start using the facility, a new user needs to download and log-in to ‘Pockets’.
- On successful login, a ‘Pockets’ VPA is automatically created based on the registered mobile number of the user. For eg: 9999xxxxxx@pockets where ‘9999xxxxxx’ is the registered mobile number.
- There are no bank account details required for the creation of the UPI ID. A user can also modify the auto-created UPI ID to an ID of his/her choice, through the ‘modify’ option under ‘BHIM UPI’ within the app.
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