ICICI Bank has recently made a significant advancement in the field of digital payments by integrating its RuPay Credit Cards with the Unified Payments Interface (UPI). This collaboration, established in partnership with the National Payments Corporation of India (NPCI), was officially announced on December 1, 2023. The integration is a strategic move to enhance the convenience of digital transactions for ICICI Bank customers.
Key Features of the Integration:
- Enhanced Payment Convenience: With this integration, ICICI Bank customers can now link their RuPay Credit Cards to UPI, facilitating both online and offline Person-to-Merchant (P2M) transactions. This includes everyday activities like shopping, paying utility bills, and making payments at point-of-sale (POS) machines.
- Supported Card Variants: The specific RuPay Credit Cards that can be linked to UPI include the ICICI Bank Coral RuPay Credit Card, ICICI Bank HPCL Super Saver RuPay Credit Card, and ICICI Bank Rubyx RuPay Credit Card. Customers can use any UPI payment app, such as iMobile Pay, to scan a merchant’s QR code and pay directly from their RuPay Credit Cards.
- Rewards and Financial Benefits: Customers can earn reward points on their expenditures made through the RuPay Credit Cards. Moreover, the integration offers a significant advantage in terms of financial liquidity, providing an interest-free credit period of up to 50 days.
- Impact on Digital Payment Landscape: This integration is seen as a step towards reshaping the landscape of digital payments, offering more flexibility and convenience in digital transactions. It combines the versatility of UPI with the reliability of RuPay Credit Cards, thereby contributing to the growth of digital payments in India.
Step-by-Step Guide to Link RuPay Credit Card with UPI on iMobile Pay:
- Open the iMobile Pay app and navigate to ‘UPI Payments’ > ‘Manage’ > ‘My Profile’ > ‘Create New UPI ID’.
- Select ‘RuPay Credit Card’ as the payment method.
- Choose the UPI ID you want to link, proceed, and review the transaction details.
- Confirm the transaction by clicking ‘Confirm’.
Strategic Partnership with NPCI:
The partnership between ICICI Bank and NPCI reflects a concerted effort to empower RuPay Credit Card customers with an enhanced digital payment experience. This initiative is expected to further fuel economic growth in India by facilitating easier access to digital payment methods and promoting wider usage.
The integration of RuPay Credit Cards with UPI is a testament to the ongoing evolution of RuPay as a brand, known for its custom value propositions and cutting-edge technology. By offering broader acceptance and enhanced security features, this integration is set to make digital payments more accessible and convenient for a larger segment of the population