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ICICI Bank Ltd has announced linking a UPI (Unified Payments Interface) ID to its digital wallet Pockets, marking a departure from the current practice that demands such IDs be linked with a savings bank account. According to the press release, new users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to Pockets. Further, customers who already have a UPI ID will get a new ID when they log on to the Pockets app. 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. Further, it expands the convenient usage of UPI to young adults like college students, who may not have a savings account.
The Bank has collaborated with NPCI to link its Pockets digital wallet to the UPI network, paving way for this novel initiative of linking a customer’s UPI ID with his/ her digital wallet. With this, customers using Pockets can pay/ receive money directly from/to Pockets wallet balance without using their savings bank account, as per the release.
Users of Pockets’ digital wallet can use the UPI ID to make a person to person (P2P) payments such as sending money to any individual’s bank account or paying a contact. They can also undertake person to merchant (P2M) payments like paying online at merchant sites or paying by scanning QR codes. Additionally, users get exciting rewards on every transaction that they make using the wallet. Besides, an existing user can update their Pockets app to the latest version and get going.
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