© Reuters.
ICICI Bank is making strides in India’s digital payment landscape with the enhancement of its ‘Digital Rupee by ICICI Bank’ app, which now facilitates QR code payments to any merchant. The bank has integrated this app with the Unified Payments Interface (NASDAQ:) (UPI), offering users a seamless transaction experience.
This update allows users to scan UPI QR codes at merchant outlets and initiate payments directly through the app. This eliminates the need for mandatory onboarding procedures for merchants to accept digital rupee payments on their existing UPI QR codes. The service is currently operational in 80 Indian cities as part of ICICI’s role in the Reserve Bank of India’s (RBI) digital currency pilot project launched in December 2022.
Bijith Bhaskar, Head of Merchant Ecosystem at ICICI Bank, praised this initiative, anticipating that it will significantly expand payment avenues and alter India’s digital payments future.
The ‘Digital Rupee by ICICI Bank’ app, compatible with both Android and iOS devices, requires an update to enable this feature. The wallet auto top-up function refills the wallet from the user’s savings account when the balance drops below a specified level. The transaction process involves scanning a merchant’s UPI QR code, selecting an amount, and inputting a PIN.
This innovation simplifies transactions for retailers and contributes to India’s digital transformation journey by fostering broader acceptance of digital currency.
InvestingPro Insights
As ICICI Bank continues to innovate in the digital payments landscape, it’s important to consider some key financial indicators and insights. According to InvestingPro, ICICI Bank has a noteworthy P/E ratio of 11.05 as of Q3 2023, indicating it may be undervalued relative to its earnings. Additionally, the bank’s PEG ratio stands at a mere 0.03, suggesting potential for significant growth.
InvestingPro also highlights ICICI Bank’s strong operating income margin of 42.42% and a return on assets of 1.27% for the same period. This indicates efficient management and profitability, which are crucial for the bank’s sustainability and growth.
On the tips front, InvestingPro points out that ICICI Bank has consistently increased its earnings per share, a promising sign for potential investors. Furthermore, the bank has raised its dividend for three consecutive years, demonstrating a commitment to returning capital to shareholders. However, it’s important to note that two analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook on the bank’s future performance.
For those interested in a deeper dive into ICICI Bank’s financials or other companies, InvestingPro provides additional tips and real-time data metrics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here