ICICI Bank announced the linking of Unified Payments Interface (UPI) ID to its digital wallet ‘pockets’ on Wednesday, May 26
According to ICICI Bank, the advantages of UPI-linked ‘pockets’ are as follows:
- Scan and Pay: Users can scan the QR codes and make payments at the merchant outlets or at other locations, through the BHIM UPI on ‘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 through 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.
- Money transfers: Customers can seamlessly transfer funds from their ‘Pockets’ wallet to a savings account or any other ‘Pockets’ wallet, by entering the receipient’s ‘Pockets’ UPI ID or savings account details
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