For making the mobile banking still efficient and easy, ICICI Bank has launched Unified Payments Interface (UPI) on two of its customer facing mobile banking applications – Pockets and iMobile. The UPI enables bank account holders to send and receive money using a virtual payment address (VPA) without entering additional bank account details.
The UPI is available on iMobile, the bank’s mobile banking application for its own customers and on Pockets, its digital bank for peer-to-peer and e-commerce payments by users including non-ICICI Bank customers. It is the simplest mode of making payments that aims to provide users with the convenience of completing transactions in lesser steps than earlier, thereby reducing the transaction time. Anyone, including non-ICICI Bank customers can access UPI by creating their VPA on Pockets.
“The 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. It is the first time in the world that a project of such a scale is being introduced to customers”, says Chanda Kochhar, MD & CEO, ICICI Bank. “We’ve already received encouraging responses from users including non-ICICI Bank customers on creating their VPA using Pockets”, adds she.
ICICI Bank is the most comprehensive player in the Indian mobile banking industry. It was the first bank to launch a mobile banking application in India, iMobile in 2008. The application today offers over 165 services, the most in the Indian mobile banking industry. It includes an array of industry first features including the recently launched ‘iMobile SmartKeys’ – Asia’s first payment service using a smartphone keyboard, advance tax for individuals, Positive Pay for cheque protection, rail-ticket booking from within the app on IRCTC as well purchase of mutual funds, travel and motor insurance.