UPI or Unified Payments Interface is an easy and quick way to send and receive money through mobile devices. This instant payment platform enables its users to make transactions using a single identifier, which saves them from re-entering the bank details and other required details for every transaction. This single identifier could be the beneficiary’s virtual ID, IFSC/account number, Aadhaar number or MMID/mobile number. The app is a safe and hassle-free way to transfer money from one bank account to another.
The payment system was launched by the National Payments Corporation of India (NPCI) and is controlled by the RBI Reserve Bank of India (RBI).
ICICI Bank UPI
ICICI Bank is counted amongst the largest private sector banks in India. The bank has always been keen to adopt new technologies in order to make its’ customer’s banking experience better. When the UPI, a radical idea to transfer funds, came into existence, ICICI did not hesitate to adopt it. The bank launched its UPI app in August, 2016. The bank’s UPI system is embedded in its existing mobile banking applications – ‘Pockets’ and ‘iMobile’. The bank offers the UPI payment facility to both the ICICI and non ICICI bank customers. The bank’s ‘Pockets’ mobile banking application offers the UPI facility to both the ICICI and non ICICI Bank customers. The ‘iMobile’ mobile banking application offers the UPI only to the ICICI Bank customers.