Analysis of the use of UPI by ICICI Bank in India www.deekpay.com

Introduction to ICICI UPI

UPI is the Unified Payments Interface, theUnified Payment Interface of IndiaIt allows immediate transfer of funds from one bank account to another via mobile phone.UPI payments can only be made through supported mobile phone applications. Cash transactions through UPI are available 24/7.UPI is powered by theNational Payments Corporation of India (NPCI) developed a web portal to facilitate interoperability among banks. It is a one-stop payment solution for transferring funds through a single application using separate bank accounts.

ICICI Bank is part of the UPI network and provides seamless money transfer services to its customers. Customers can access ICICI Bank UPI through their existing mobile banking application iMobile or through the e-wallet application Pockets. ICICI Bank UPI allows all bank account holders to send money through their smartphones using a single identifier, commonly known as the UPI ID The funds are sent and received through a Virtual Payment Address (VPA) without the need for any bank account details. Customers usually do not need to know the beneficiary's or payer's IFSC code, bank account details, etc., which speeds up transactions.

The UPI feature is available to ICICI bank customers through the iMobile application and non-ICICI bank customers can access the feature through the Pockets application. To use UPI, the user needs to add theIndiaHave a bank account and link one's mobile number to that bank account.UPI allows users to link multiple bank accounts to one's single ICICI Bank UPI account.

Some other popular apps that offer UPI payments include NPCI created BHIM and certain private companies such as Paytm, andPhonePeGoogle Pay, Amazon Pay, and more.

How to register for ICICI Bank UPI using iMobile Apps

Download the ICICI iMobile app online from the Google Play Store or Apple App Store. Open the mobile app and enter your registered mobile number. You have to verify the mobile number by providing debit card details and OTP via SMS. After verifying the mobile number, go to the "UPI" section and click on the "Virtual Payment Address" option. You will get a list of bank accounts associated with your mobile number and you can select a bank account. Select a VPA ID for your ICICI bank UPI. Then, you have to set a 6-digit UPI PIN, which is used to validate all of your transactions. Once you have completed this step, you are ready to start trading.

How to Register ICICI Bank UPI using Pockets Application

The Pockets app is very similar to the iMobile app:

Download the ICICI Pockets app online from the Google Play Store or Apple App Store. Launch the mobile app and enter your registered mobile number. You will have to verify your mobile number by providing debit card details and OTP sent via SMS. After verifying your mobile number, go to the "UPI" section and click on the "Add Bank Account" option. You will get a list of bank accounts associated with your mobile number and you can select a bank account. Select a VPA ID for your ICICI bank UPI. You must then set a 6-digit UPI PIN that will be used to authenticate all your transactions. Once you have completed this step, you are ready to start trading.

How to use ICICI Bank UPI Transfer through iMobile Apps

Transferring money using UPI through the iMobile app is easy:

Sign in to your iMobile app. Select the BHIM UPI option. It will display your VPA address in the From tab. Enter the recipient's VPA address in the To tab. You can also choose to transfer funds using the recipient's bank account and IFSC details. Enter the amount you wish to transfer. Click Submit. Your funds transfer is complete.

How to use ICICI bank UPI transfer through Pockets application

Log in to the Pockets application. Select the UPI option under the Payments tab. You can also select the option to 'Send money to VPA using UPI'. Enter the payee's VPA address or you can also choose to transfer money using the payee's bank account and IFSC details. Enter the amount you want to transfer. Enter your mPIN to verify the transaction. Your funds transfer is complete.

How to use ICICI Bank UPI Receipts

Open the used ICICI Bank UPI application. Click on the "Collect" option. Enter the VPA ID of the person you want to pay. Enter the amount you want to receive and click Submit. A request will be sent to the sender regarding your collection request. Once they have verified the transaction, the money will be transferred to your account.

How to link other bank accounts under ICICI Bank UPI

As mentioned earlier, using ICICI Bank UPI, customers can also associate other bank accounts. Currently, this feature is available only on Pockets App. Follow the simple steps below to register other bank accounts in just a few clicks:

The first step is to make sure that the mobile phone number linked to the Pockets mobile app is the same as the mobile phone number registered with the bank account you want to associate it with. In the Pockets mobile app, navigate to the UPI tab by pressing "UPI" on the home screen. Then navigate to the Manage tab and press Add My Bank Account. Select a VPA; if you have already built one or created a new VPA, you will use the current VPA. The next tab should list all the bank accounts associated with the mobile phone number you registered with the same mobile phone number. Now, check and select the bank account you want to connect to ICICI Bank UPI. If you already have a UPI PIN, use the 'Use Existing UPI PIN' option If you already have a UPI PIN, use the 'Use Existing UPI PIN' option. Alternatively, select the UPI PIN option. Follow the instructions on the next screen to enter your debit card details. At this stage, your bank will send you an OTP, enter the OTP and ATM PIN to set the current UPI PIN. This UPI PIN will be used for any future purchases you make using this account. Make sure that this UPI PIN is not disclosed to any other person. Once your debit card details have been verified with your bank, your account will be connected to the Pockets smartphone app immediately.

ICICI Bank UPI Transaction Limit

For ICICI Banks, the transaction limits will be determined as per the bank's rules. Banks may adjust the UPI transaction limits as per the Bank's policy under the National Payments Corporation of India (NPCI) ceiling. The ceiling prescribed by NPCI is Rs. 10 lakhs per transaction and Rs. 10 lakhs for the total value of the transaction. A maximum of 10 transactions can be initiated within 24 hours of the first transaction.

Transaction charges for ICICI Bank UPI

Up to 20 transactions per month are free of charge. From the 21st transaction onwards: Rs. 2.50 for transactions less than or equal to Rs. 1,000. Rs. 5.00 for transactions above Rs. 1,000. For more than 20 transactions per month using the banking app or any third party product, UPI "Refund"/"Refund" to customers who have relied on the VPA or bank account and who have not made any payment to the VPA. IFSC The person who transfers the money "will be paid. Goods and Services Tax (GST) is levied at the prevailing rate, which is higher than the above fees.

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