ICICI Bank customers can now pay using the digital rupee app to merchant QR code

• Millions of customers across 80 cities will benefit

Mumbai: ICICI Bank has announced that it has enabled millions of customers to pay to any merchant QR code by using the Bank’s digital rupee (e₹) app named ‘Digital Rupee by ICICI Bank’. The Bank has made it possible by making its digital rupee app UPI (Unified Payments Interface) interoperable.

This integration empowers customers to scan existing UPI QR code at merchant outlets and pay via the digital rupee app. At the same time, it helps merchants to accept digital rupee payments on their existing UPI QR code, eliminating the need for mandatory on-boarding procedure.

ICICI Bank’s introduction of UPI interoperability on its digital rupee app provides flexibility and convenience to customers. It also expands the usage of digital rupee. ICICI Bank was selected to participate in the first cohort of the pilot project on digital currency launched by the Reserve Bank of India (RBI) in December 2022. The Bank is live with this facility in 80 cities across the country.

Speaking on the initiative, Mr. Bijith Bhaskar, Head- Merchant Ecosystem, ICICI Bank said, “At ICICI Bank, we strive to provide seamless, innovative digital banking solutions to our customers. This new feature on our digital rupee app --‘Digital Rupee by ICICI Bank’-- enables the Bank’s customers to make payments on existing merchant QR code, thereby exponentially expanding the avenues for payments. We are honoured to participate in this yet another significant ecosystem level move towards Digital India.

We believe this initiative will bring a paradigm shift in the future of digital payments in India and promote greater acceptance of digital currency among customers and contribute to an increased volume of transactions through digital rupee.”

Steps to make quick payments through ‘Digital Rupee by ICICI Bank’:

• Open AppStore or PlayStore to update ‘Digital Rupee by ICICI Bank’ to the latest version

• Login through the app

• Click on scan QR option and scan the merchant’s UPI QR code

• Select the amount and enter the PIN

• The transaction is done

The ‘Digital Rupee by ICICI Bank' app is available for both Android and iOS devices. The app provides users the convenience of loading their digital wallet from their ICICI Bank savings account. They can also transfer money or make payments to others. The app also loads money to the wallet from the customer’s savings account automatically when the balance in the wallet falls short of a specified amount.

ICICI Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call centres, internet banking (www.icicibank.com), and mobile banking.

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About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at ₹ 17,20,780 crore at September 30, 2023.

Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov