ICICI Bank has enabled its customers to pay to any merchant QR code using the “Digital Rupee by ICICI Bank”, the digital rupee (e₹) app of ICICI Bank.
This move eliminates the need for a mandatory onboarding procedure for the merchants and allows them to accept digital rupee payments on their existing UPI QR code.
This provides flexibility and convenience to customers and exponentially expands the avenues for payments. It also expands the usage of the digital rupees.
ICICI Bank enables millions of customers to pay to any merchant QR code by using the Bank’s digital rupee (e₹) app named ‘Digital Rupee by ICICI Bank’. 📱💳
— ICICI Bank (@ICICIBank) November 2, 2023
This integration empowers
👉 customers to scan existing UPI QR code at merchant outlets and pay via the digital rupee app… pic.twitter.com/A9tJAwGIM6
What is Digital Rupee?
Digital Rupee, also known as Central Bank Digital Currency (CBDC), is the tokenised digital version of the Indian Rupee issued by RBI.
This is a legal tender similar to the sovereign currency (Indian rupee). RBI launched the pilot project of CBDC (Digital Rupee) on 1st December 2022.
The RBI’s Pilot Project
The RBI initiated a pilot project for CBDC (Digital Rupee) on December 1, 2022. This project aims to explore the potential and benefits of a digital version of the Indian Rupee.
Benefits of using Digital Rupee
- Convenience: Digital Rupee payments are instant and convenient. Customers can make payments by simply scanning the merchant’s QR code using the “Digital Rupee by ICICI Bank” app.
- Security: Digital Rupee payments are secure and tamper-proof. All transactions are recorded on the blockchain, which is a distributed ledger that is very difficult to hack.
- Cost-effectiveness: Digital Rupee payments are cost-effective. There are no transaction fees associated with digital Rupee payments.
How to use the Digital Rupee by ICICI Bank app
To use the Digital Rupee by ICICI Bank app, customers need to download the app from the Google Play Store or Apple App Store.
Once the app is downloaded, customers need to register for an account and create a digital rupee wallet.
To make a payment, customers need to scan the merchant’s QR code using the app and enter the amount they want to pay. The payment will be processed instantly.
The launch of the Digital Rupee by ICICI Bank app is a significant development in the Indian digital payments landscape. It will make digital rupee payments more accessible and convenient for customers and merchants alike. It will also help to expand the usage of digital rupees in India.
| Benefit | Description |
|---|---|
| Convenience | Digital Rupee payments are instant and convenient. Customers can make payments by simply scanning the merchant’s QR code using the “Digital Rupee by ICICI Bank” app. |
| Security | Digital Rupee payments are secure and tamper-proof. All transactions are recorded on the blockchain, which is a distributed ledger that is very difficult to hack. |
| Cost-effectiveness | Digital Rupee payments are cost-effective. There are no transaction fees associated with digital Rupee payments. |
Unified Payments Interface (UPI) Compatibility
ICICI Bank has made its Digital Rupee app UPI interoperable, allowing customers to pay any merchant by simply scanning their QR code.
This means that you no longer need to go through a complicated onboarding process when paying at a store.
Merchants can now accept digital rupee payments using their existing UPI QR codes, making transactions seamless.
ICICI Bank: A Pioneer in the CBDC Pilot Project
- The Digital Rupee is a legal tender similar to the sovereign currency (Indian rupee).
- RBI launched the pilot project of CBDC (Digital Rupee) on 1st December 2022.
- ICICI Bank was one of the banks to be chosen to take part in the phase 1 of RBI’s CBDC pilot project.
- Other banks include State Bank of India (SBI), YES Bank Limited, and IDFC FIRST Bank Limited.
