ICICI Bank has launched a unique facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’, marking a departure from the current practice that demands such IDs be linked with a savings bank account. New users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to ‘Pockets’. Further, customers who already have a UPI ID, will get a new ID when they log on to the ‘Pockets’ app.
This initiative enables users to undertake small value everyday transactions directly from their ‘Pockets’ wallet using UPI in a safe and secure manner. It helps them to streamline the number of transactions being undertaken daily from their savings account and thus de-clutter their savings account statement of multiple entries. Further, it expands the convenient usage of UPI to young adults like college students, who may not have a savings account.
ICICI Bank is a leading private sector bank in India.
