ICICI Bank is the first bank to introduce such a facility for customersICICI Bank announced the linking of Unified Payments Interface (UPI) ID to its digital wallet 'pockets' on Wednesday, May 26, and made an exitfrom the current industry practice which demands such IDs to be linked with a savings bank account.
The country's second-largest private bankcollaborated with the National Payments Corporation of India (NPCI) to link its pockets' digital wallet to the UPI network.This way the customer's UPI ID can be linked to his/her digital wallet, allowing them to make UPI payments with the digital wallet.(Also Read:How To Make UPI Payments With ICICI Bank's 'Pockets' Digital Wallet)For availing of this facility, customers do not require a bank account to use a UPI ID on the 'pockets' app.
Additionally, those who already have a UPI ID willreceive a new ID when they log on to the pockets' app.According to ICICI Bank, theadvantages 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 the pockets' app.Make and receive payments: Customers can also use their pockets' UPI ID to pay against a collect request sent by another user or app.
Userscan also receivemoneyby creating a collect request by entering a valid amount and the sender's UPI ID.Pay to contacts: With this feature, customerscan easily make payments to their contacts in the phone book.UPI payments at merchant sites: Customerscan make payments online at any merchant site by opting to make payment through UPI' and by entering their pockets' UPI ID.
Upon entering the ID, a collect request is generated which can be accepted on the pockets' app to complete the payment.Money transfers: Userscan also easilytransfer funds from their pockets' wallet to a savings account or any other pockets' wallet, by entering the receipient's pockets' UPI ID or the savings account details