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UPI stands for Unified Payment Interface (UPI). It enables money to be immediately transferred via a mobile phone from one bank account to another. Payments can only be rendered via supporting mobile phone apps. The cash transactions through UPI are available 24x7.
Unified Payments Interface (UPI) is a portal developed by the National Payments Corporation of India (NPCI) to facilitate interoperability between banks. This is a one-stop solution for using separate bank accounts to carry out transfers from a single app.
ICICI Bank became a part of the UPI network to provide seamless money transfer facilities to its customers. ICICI Bank UPI can be accessed through their existing Mobile Banking app iMobile or through their e-wallet app Pockets.
ICICI Bank UPI allows all bank account holders to send and receive money through their smartphones with a single identifier – the Virtual Payment Address (VPA) commonly known as the UPI ID – without needing any bank account information. Customers often do not need to know the IFSC code of the beneficiary or payer, bank account details, etc., and this allows the transaction to be quicker. So customers will make quicker transactions to their friends and merchants.
ICICI Bank customers can use the UPI feature through the iMobile app and non-ICICI Bank customers can access the same through the Pockets app. In order to use UPI, you need to have a bank account in India with your mobile number linked to that bank account. UPIs allow you to link multiple bank accounts to your single ICICI Bank UPI account.
Some other popular apps that provide UPI payment are BHIM created by NPCI, and certain private companies such as Paytm, PhonePe, Google Pay, Amazon Pay, etc. Make sure you have your mobile number listed for authentication on your bank account.
About ICICI Bank Upi
It’s very simple to transfer funds using UPI through the iMobile App:
As mentioned earlier, with ICICI Bank UPI, you can link other bank accounts too. Currently, this feature is available only on the Pockets App. Follow these simple steps to register other bank accounts in a few simple clicks;
1. My UPI transaction expired. Why was my savings account debited? Am I going to get my money back?
In the event of a botched transaction, any money if debited will be reimbursed automatically. In the case of timed out payments, the balance will be settled on the recipient account or the debit account within two working days.
2. How long does it take for the money to be transferred to the recipient’s account?
For successful UPI transfers, the funds are transferred instantaneously to the beneficiary's account.
3.What's the UPI PIN?
UPI PIN (UPI Personal Identification Number) is a 4 to 6-digit secret code that you create/set when you first register with this app. You must enter this UPI PIN to approve all bank transfers. If you have already set up a UPI PIN for other UPI Services, you can use the same for Bharat Interface for Money (BHIM) Bank given MPIN is different from the UPI PIN. Please use the Bharat Interface for Money app to create a new UPI-PIN. Please don't share your UPI PIN with anybody else. Bharat Interface for Money does not store or read your UPI PIN data, and the customer service of your bank will never ask for it
4. What are some of the reasons for a UPI transaction to fail?
There are many explanations for a failure of the UPI transaction:
5. I have two accounts with ICICI Bank, do I require different virtual payment addresses for both of these accounts?
You have the option of either binding the two accounts to a single VPA. In this case, please make sure that you correctly identify which account you would like to use as your default account to debit and which account you would like to use as your default account to credit. Alternatively, you may add a different VPA to each account.
6. What happens if my phone is lost or stolen?
If you lose your phone, the UPI PIN needed to approve all transactions would not be known to a third party and will therefore not be able to use the Bharat Interface for Money. In addition, you have to contact the customer service department at your bank to make sure that your account is not misused.
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