ICICI UPI: Setup & Benefits
ICICI Bank is also part of the Unified Payments Interface (UPI) network and the service can be availed through the existing ICICI Bank app iMobile or through ‘Pockets’. The UPI facility will also be available to non-ICICI Bank customers through ‘Pockets.’ Through this app, users can both send and receive money using a virtual address, known as, a Virtual Payment Address (VPA).
There is no need to go through the lengthy process of keying in bank information of a payee for transferring funds. This not only reduces the transaction time but also eliminates the need to provide personal bank information to third parties. The main advantage of this app is that it can also be downloaded by non-ICICI customers.
UPI has been launched by the National Payments Corporation of India (NPCI) in order encourage cashless and digital transactions in India. The service is backed by the Reserve Bank of India (RBI) and hence it is a safe, secure and reliable method to both send and receive money across India.
Key Features of ICICI Bank UPI
The key features of ICICI Bank UPI are listed below:
- You can send and receive money at any time from anywhere.
- It is easy to use and does not need a beneficiary added in order to pay bills or transfer money.
- ICICI Bank UPI enables transactions to be completed with just the beneficiary's UPI ID and without the need for additional bank information.
- Both iPhone and Android users can use this facility.
- UPI PIN and device binding provide two factor authorization, which ensures safe and secure transactions.
- You can pay your bills, shop on numerous e-commerce websites, and request money from someone else through their VPA address without a card or cash.
Benefits of ICICI Bank UPI
- Instant money transfer: Money can be transferred instantly on a real-time basis and will reach the payee as soon as the transfer has been made. Not just this, fund transfers can be initiated at any time of the day on a 24/7 basis and services can also be availed on bank holidays.
- Not a lengthy process: Unlike other types of fund transfer methods, one need not provide an extensive list of bank details such as bank account number, name of bank, branch name and IFSC code. All one needs is a VPA to both send and receive funds. This not only shortens the transaction time but also speeds up the entire process.
- Safety assured: The UPI service is a government-backed initiative and is managed by the RBI. Hence there is very less scope for any risks and safety of transaction is assured.
How to Register for ICICI Bank UPI Using iMobile?
- Step 1: The ICICI iMobile app can be downloaded online from Google Play store
- Step 2: Launch the mobile app and enter your registered mobile number
- Step 3: Verify mobile number through SMS and provide debit card details
- Step 4: Go to ‘UPI’, click on ‘Virtual Payment Address’ and choose the bank account
- Step 5: Choose the VPA and check for the availability of the same
- Step 6: Choose the appropriate check boxes
- Step 7: Click ‘Submit’. A registration confirmation message will be sent
How to Register for ICICI Bank UPI Using Pockets?
- Step 1: Download the ‘Pockets’ app
- Step 2: Tap ‘UPI’ and go to ‘Add my bank account’
- Step 3: Choose a VPA and check for the availability of the same
- Step 4: Tap on ‘Continue’ and choose the bank account
- Step 5: Create an m-PIN
- Step 6: UPI services can be used after creating an m-PIN
How to Transfer Money Using ICICI Bank UPI App?
- Step 1: Download the ICICI Bank UPI app. Then enter the 6-digit pin and login to the account.
- Step 2: Visit the home page in the iMobile app, tap the ‘Fund Transfer’ option and click ‘UPI’
- Step 3: Tap the ‘Pay to Virtual Payment’ option and choose the VPA of the payee
- Step 4: Type in the transaction amount and make remarks, if any. Click on ‘Submit’
- Step 5: Verify details and confirm the same
- Step 6: The fund transfer will be made instantly. A confirmation message will also be sent.
How to Collect Money Using ICICI Bank UPI App?
- Step 1: Go to the ICICI Bank UPI app, enter the 6-digit pin and log in
- Step 2: Click ‘Send Money using VPA’
- Step 3: Key in the VPA of the payer. Write remarks, if any
- Step 4: Key in the amount to be received and initiate a collect request. Set a deadline within which the money has to be transferred
- Step 5: Enter m-PIN and ‘Submit’
- Step 6: The money will be credited as soon as the payer approves the request to collect money
How to Link Other Bank Accounts Under ICICI Bank UPI?
You can link ICICI Bank UPI with your other bank account using the Pockets App. The steps to register other bank accounts are listed below:
Step 1: Verify that the mobile number registered with the bank whose account you wish to link, and the mobile number linked to your Pockets app are the same.
Step 2: Tap on the ‘UPI’ option.
Step 3: Under the ‘Manage’ tab, tap on ‘Add My bank accounts.’
Step 4: Choose a VPA.
Step 5: All bank accounts linked to the mobile number you registered with will be listed in the following tab.
Step 6: Choose the bank account you want to link to ICICI Bank UPI.
Step 7: Select the ‘Use Existing UPI PIN’ option in case you already have a UPI PIN.
Step 8: On the subsequent screen, enter your debit card information as instructed.
Step 9: You will receive an OTP on your registered mobile number.
Step 10: Set the current UPI PIN by entering the OTP and the ATM PIN.
Any future purchases you make using this account will require this UPI PIN. Make sure that you do not share this UPI PIN with anyone else. Your account will be instantly linked to the Pockets app once your bank verifies the details of your debit card.
Charges for of ICICI Bank UPI
There are no charges levied by ICICI Bank for UPI transactions carried out through the app at present.
Timings of ICICI Bank UPI
ICICI Bank UPI services can be availed on a 24/7 basis and even on bank holidays.
Limitations of ICICI Bank UPI
- Only for Android phones: At present, this service is only available for those using Android phones. The payment interface app is currently not for IoS users. However, the service is likely to be launched on the IoS platform soon.
- Transaction limit: One of the other disadvantages of this app-based fund transfer service is the prescribed transaction limit. Customers cannot send or receive money beyond a certain limit and hence this is not an ideal method of fund transfer if a customer wants to make large scale money transfers.
FAQs on ICICI UPI
- What is UPI?
Unified Payments Interface, abbreviated as UPI, is a digital cashless payment system enabled through an Android-based smartphone. The service has been launched by the National Payments Corporation of India (NPCI) and is backed by the Reserve Bank of India (RBI).
- Can UPI be used on the ICICI Pockets app?
Yes
- What is the time frame or duration for the payee to receive the funds?
Generally, funds are credited into the account of the payee instantaneously.
- Is there any fee or charge levied for using UPI?
At present, there are no charges or transaction fee levied for carrying out UPI transactions.
- What is the upper limit for the number of transactions for sending and collecting money?
On a daily basis, not more than Rs.1 lakh can be sent or received. On a per-transaction basis the upper limit is Rs.1 lakh. This, however, may be subject to change in the future.
- What is an UPI PIN?
A UPI PIN, also referred to as m-PIN, is a secret code that is used to initiate fund transfers and make collect requests. No transaction will be authorised without this PIN.
- Is it possible to send money to someone who is not registered for the UPI service?
Yes. This can be done without any hassle by providing the account number and IFSC code of the payee.
- Does a customer need different VPAs for different bank accounts?
No. A customer can link multiple bank accounts using the same VPA. This is one of the main advantages of the UPI app.
- What are the details required to initiate a fund transfer?
The VPA.
- What are the details required to initiate a collect request?
The VPA.
- How can a customer select a bank account from a list of linked accounts in the UPI app?
Go to the 'change default account' and select the same. The money will be debited from the chosen account.
- How can a customer authorise collect requests?
To do this, go to the 'Respond to collect request' section and then tap the 'I Owe' button. Select the transaction that needs to be authorized.
- For those who have initiated a collect request, how do they know the status of their transaction?
If a collect request is authorised by a remitter, the user will receive a notification on the respective app. This notification will be sent for both Pockets and iMobile users.
- In case a transaction has failed or is declined, will the customer get his/her money back?
In cases where a transaction has failed, has been timed out, declared void, etc, the funds will be re-credited into the customer's account within 2 working days. If the money is not refunded within this period of time, please contact the customer care representative as soon as possible or write an email to the customer care ID.
- How can a customer change his/her default account?
In iMobile, got to 'Manage Virtual Address' and in Pockets, go to 'Change Default Account' under the UPI tab. One has to choose the default account and choose the VPA that needs to be changed.
- Can a customer link more than one account with a single VPA?
Yes. To link another or second bank account, choose the existing VPA. In cases where multiple banks accounts are being linked, one can set a default VPA for all operational accounts to avoid confusion.
- What should a customer do if the app does not find his/her bank account?
The first step is to make sure the mobile number of the customer is verified. If mobile number is not verified, the bank account details will not be fetched by the app.
- When will a beneficiary/payee be able to use the funds that he has received?
This can be done immediately because when it comes to UPI funds are credited on a real-time basis.
- Can a customer use UPI to send money to foreign bank accounts?
No. This service is only available across India and not outside the country.
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