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.
The integration allows customers to scan their existing UPI QR code at merchant outlets and pay via the digital rupee app, while merchants can accept payments using their existing QR code, eliminating the need for an on-boarding procedure. ICICI Bank has introduced UPI interoperability on its digital rupee app, offering customers flexibility and convenience. The bank participated in the Reserve Bank of India’s pilot project on digital currency in December 2022 and is now live with this facility in 80 cities across India.
The ‘Digital Rupee by ICICI Bank’ app is available for both Android and iOS devices. 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.”
