ICICI Bank announced link of UPI ID to its digital wallet pockets

New Delhi: ICICI Bank on Wednesday announced the launch of a unique facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’. This marks a departure from the current practice which demands such IDs to be linked with a savings bank account. ICICI Bank said in a statement that new users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to ‘Pockets’.

Customers who already have a UPI ID, will get a new ID when they log on to the ‘Pockets’ app, ICICI bank said. This initiative will enable users to undertake small value everyday transactions directly from their ‘Pockets’ wallet using UPI in a safe and secure manner. It will help customers to streamline the number of transactions being undertaken daily from their savings account and thus de-clutter their savings account statement of multiple entries. It will also expand the convenient usage of UPI to young adults like college students, who may not have a savings account.

Commenting on the new facility, Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank said, “We, at ICICI Bank, focus on technological innovations to offer unique propositions that are simple, fast, and convenient. Five years ago, we launched ‘Pockets’, enabling users to open a digital wallet instantly on their mobile phone and start transacting immediately. Our research suggests that users are keen to link their UPI ID with their digital wallet so that they can directly use the balance in the wallet for smaller transactions while using their savings account only for the larger ones.”/FE