ICICI Bank announces its Unified Payments Interface app, other banks to follow
ICICI Bank, India's largest private sector bank, on Tuesday announced the launch of 'Unified Payments Interface' (UPI) on two of its customer facing mobile banking applications - 'Pockets' and 'iMobile'.
- Aug 30, 2016,
- Updated Aug 30, 2016 3:58 PM IST
ICICI Bank, India's largest private sector bank, on Tuesday announced the launch of 'Unified Payments Interface' (UPI) on two of its customer facing mobile banking applications - 'Pockets' and 'iMobile'. UPI will enables bank account holders (of banks participating in UPI) to send and receive money using a Virtual Payment Address (VPA) without entering additional bank account details.
Canara Bank also launched an Unified Payment Interface (UPI) app named "empower". Other major banks are expected to follow suit as National Payments Corporation of India recently announced that 21 banks would go live with UPI soon.
UPI is available on 'iMobile', the bank's mobile banking application for its customers and on 'Pockets', its digital bank for peer-to-peer and e-commerce payments by users.
It is the simplest mode of making payments for all customers, including non-ICICI Bank customers. Anyone can access UPI by creating their VPA on 'Pockets'.
In order to access UPI, both 'Pockets' and 'iMobile' users need to create their own Virtual Payment Address (VPA; 'xyz@pockets' & 'xyz@icici' respectively ) on one of ICICI Bank's mobile application. This will link the VPA to the customer's bank account which will act as their financial address without having to reveal the 16 digit bank account number and the 11 digit IFSC code.
Once registered for VPA, users can send & receive payments instantly from any bank account using their mobile phone instantly in a safe and secure way.
UPI users can make payments using UPI 24x7 on all days including bank holidays upto a maximum of Rs 1 lakh. "UPI is a path-breaking concept which will enable convenient person-to-person and merchant payments using mobile phones. I believe that it will revolutionise the landscape of electronic payments in India and go a long way in reducing the usage of cash in the economy.", said Chanda Kochhar, MD & CEO, ICICI Bank.
The upgraded versiob of 'Pockets' & 'iMobile' application including the UPI system is available on the Google Play Store for Android smartphones. It will soon be available on the iOS operating system as well.
ICICI Bank, India's largest private sector bank, on Tuesday announced the launch of 'Unified Payments Interface' (UPI) on two of its customer facing mobile banking applications - 'Pockets' and 'iMobile'. UPI will enables bank account holders (of banks participating in UPI) to send and receive money using a Virtual Payment Address (VPA) without entering additional bank account details.
Canara Bank also launched an Unified Payment Interface (UPI) app named "empower". Other major banks are expected to follow suit as National Payments Corporation of India recently announced that 21 banks would go live with UPI soon.
UPI is available on 'iMobile', the bank's mobile banking application for its customers and on 'Pockets', its digital bank for peer-to-peer and e-commerce payments by users.
It is the simplest mode of making payments for all customers, including non-ICICI Bank customers. Anyone can access UPI by creating their VPA on 'Pockets'.
In order to access UPI, both 'Pockets' and 'iMobile' users need to create their own Virtual Payment Address (VPA; 'xyz@pockets' & 'xyz@icici' respectively ) on one of ICICI Bank's mobile application. This will link the VPA to the customer's bank account which will act as their financial address without having to reveal the 16 digit bank account number and the 11 digit IFSC code.
Once registered for VPA, users can send & receive payments instantly from any bank account using their mobile phone instantly in a safe and secure way.
UPI users can make payments using UPI 24x7 on all days including bank holidays upto a maximum of Rs 1 lakh. "UPI is a path-breaking concept which will enable convenient person-to-person and merchant payments using mobile phones. I believe that it will revolutionise the landscape of electronic payments in India and go a long way in reducing the usage of cash in the economy.", said Chanda Kochhar, MD & CEO, ICICI Bank.
The upgraded versiob of 'Pockets' & 'iMobile' application including the UPI system is available on the Google Play Store for Android smartphones. It will soon be available on the iOS operating system as well.