MUMBAI: India's biggest private division loan specialist, ICICI Bank, has crossed 1 lakh Virtual Payment Addresses (VPA) on Unified Payments Interface (UPI) inside three weeks of its dispatch, the bank said in an announcement.
In an offer to further improve the utilization of UPI, the bank has likewise reported association with Aditya Birla Fashion and Retail Limited (ABFRL) and Hindustan Petroleum Corporation Limited (HPCL) to offer UPI based installments at its retail outlets, making it the biggest approaching sending of in-store installments utilizing UPI.
With this, clients of any bank who have made their VPA on "Pockets" and additionally ICICI Bank clients utilizing "iMobile" can soon pay utilizing their cell phone at more than 6,500 HPCL petrol pumps and more than 2,000 stores of ABFRL the nation over. The last's system incorporates brands like Louis Philippe, Peter England, Van Heusen, Allen Solly, Planet Fashion and Linen Club among others.
"UPI is a way breaking idea which will empower helpful individual to-individual and trader installments utilizing cell telephones. It is the first run through on the planet that a venture of such a scale is being acquainted with clients. We plan to keep investigating all the more such potential organizations which will go far in promoting the use of UPI," said Chanda Kochchar, MD and CEO, ICICI Bank.
UPI is accessible on two of the bank's client confronting versatile saving money applications – "Pockets" and 'iMobile'. Anybody, including non-ICICI Bank clients can get to UPI by making their VPA on 'Pockets'. They can likewise interface their ledgers with different banks (who are additionally on UPI) and make installments from that record too utilizing their VPA on 'Pockets'. Furthermore, ICICI Bank's clients can get to UPI on 'iMobile'.
The VPA goes about as a money related location for a client in lieu of their 16 digit financial balance number and the 11 digit IFSC code. Once enlisted for VPA, financial balance holders (of banks taking an interest in UPI) can send and get cash from their cell phones without the need to enter ledger data or net managing an account client id and secret key.
Clients can make installments utilizing UPI 24×7 on all days including bank occasions. They can likewise make installments to shippers from their cell telephones where UPI is acknowledged as an installment mode.