ICICI Bank says that it now has more than 3 million Virtual Payment Addresses (VPAs) generated from its mobile applications and has acquired Unified Payments Interface (UPI) 110,000 merchants through its EazyPay application, at the end of the March quarter. However, it did not provide details on how many UPI transactions is happening from the bank. However, RBI data showed the volume of UPI transactions in the month of April was 6.9 million with total value of Rs 2200 crore. This stood at 6.2 million in March but the value of these transactions were Rs 2,390 crore Last quarter, ICICI Bank said that it had 2.4 million accounts linked to VPAs using the bank’s applications. The bank added that it has also added 64,000 merchants on the UPI. Note on the UPI, banks are allowed to charge merchants a higher fee than compared to P2P payments. The merchant discount rate (MDR) — the fee borne by the seller to provide services—is 0.25% for payments below Rs 1,000 and 0.65% for all other charges. ICICI Bank EazyPay is a payments collection app for offline merchants and retailers called which will allow customers to pay via UPI, cards, net banking. Last month, ICICI Bank and Truecaller integrated UPI payments via a tab on the app called Truecaller Pay. With this, Truecaller users will be able to create VPA and recharge mobile number from the app itself. All the banking and transaction data of the customers is handled by ICICI Bank as per RBI guidelines. Card payments The number and the…
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