According to the ICICI Bank press release, “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.”
Customers may now enjoy flexibility and convenience with ICICI Bank’s digital rupee app now that UPI compatibility has been added.
The ICICI Digital Rupee App provides an eWallet and allows users to transactThis e wallet is comparable to your traditional wallet, but it is stored digitally on your device. The ICICI Digital Rupee App is only available to ICICI bank customers who have been invited.
Link your savings account
ICICI Bank Savings Account is mandatory to use the Digital Rupee app for transactions. You need to link ICICI Bank Savings Account and authenticate using your Debit Card details to register for the digital rupee app.
How to make payments through ‘Digital Rupee by ICICI Bank’
Steps to make quick payments through ‘Digital Rupee by ICICI Bank’:
Step 1: Open AppStore or PlayStore to update ‘Digital Rupee by ICICI Bank’ to the latest version
Step 2: Login through the app
Step 3: Click on scan QR option and scan the merchant’s UPI QR code
Step 4: Select the amount and enter the PIN
Step 5: The transaction is done.
ICICI Bank’s ‘Digital Rupee by ICICI Bank’ app is available for both Android and iOS devices. The app allows users to load their digital wallet from their ICICI Bank savings account. They can also send money to others and make payments to them. When the wallet’s balance goes below a certain threshold, the app automatically transfers funds from the customer’s savings account.
The Digital Rupee (e), commonly known as the Central Bank Digital Currency (CBDC), is the RBI’s digital currency. The Reserve Bank of India issues the Digital Rupee (CBDC) as legal cash, identical to the sovereign currency.
Important FAQs money transfer using digital rupee
Is the beneficiary also required to register for the Digital Rupee app?
You can only send/receive Digital Rupee to/from other Digital Rupee users.
Where can Digital Rupee be used?
Customers can transfer the tokens to each other through VPA, Mobile No. and QR Code. Customers can pay merchants through the Digital Rupee QR Code
How can I view my transaction history?
To view all your past and pending transactions, go to Digital Rupee app > Home Screen > History.
Is a Savings Account mandatory to use the Digital Rupee app?
Yes. You need to link ICICI Bank Savings Account and authenticate using your Debit Card details to register for the Digital Rupee app.