BUSINESS

ICICI Bank launches digital service ‘Pockets’

TECHNOLOGY AT THE FOREFRONT:Today’s youth wants everything instantly, on the go. ‘Pockets’ addresses this need, said ICICI Bank Managing Director and CEO Chanda Kochhar while launching the digital bank on mobile phone in Mumbai on Tuesday. —PHOTO: SHASHI ASHIWAL

TECHNOLOGY AT THE FOREFRONT:Today’s youth wants everything instantly, on the go. ‘Pockets’ addresses this need, said ICICI Bank Managing Director and CEO Chanda Kochhar while launching the digital bank on mobile phone in Mumbai on Tuesday. —PHOTO: SHASHI ASHIWAL  

Allows users to instantly send money

ICICI Bank, on Tuesday, launched the first digital bank in the country, ‘Pockets’, on a mobile phone.

“Technology changed the way of life…… Technology changed the social life….. Technology changed the way we do banking,” said bank Managing Director and Chief Executive Officer Chanda Kochhar while launching the product here.

Anyone, including those who are not ICICI Bank customers, can easily download the e-wallet from Google Playstore, fund it from any bank account, and start transacting immediately.

This wallet uses a virtual Visa card, which enables the users to transact on any website or mobile application in India. Customers can also request for a physical card to use it at any retail outlet, ICICI Bank said

The wallet allows users to instantly send money to any e-mail id, mobile number, friends on Facebook and bank account. The users can pay bills, recharge mobiles, book movie tickets, order food, send physical and e-gifts, split and share expenses with friends by using this e-wallet.

The limit for transaction is of worth Rs.10,000, if it is not linked to a savings account of ICICI Bank.

Users can choose to add a zero-balance savings account to the wallet, which will allow them to earn interest on their idle money. Existing ICICI Bank savings account customers can also register for the e-wallet by simply using their Internet banking login credentials and authenticating the OTP (one-time password) sent to their registered mobile number. Users can conveniently load funds into ‘Pockets’ using any bank’s net banking or debit card.



Rise in mobile banking

PTI reports:

Asked if this is the private lender’s answer to the proposed payment banks, for which as many as 41 companies/individuals, including SBI through RIL, have applied, Ms. Kochhar said, “why wait for payment banks to come into existence, here we are already offering the same.’’ ‘Pockets’ integrates a digital wallet, a physical pre-paid card and a basic savings bank account, she said.

The idea came from the fact that today almost 50 per cent of all retail transactions at ICICI Bank were being carried out on the mobile and Internet platforms, Ms. Kochhar said. “We have seen a 200 per cent rise in mobile banking with the aggregate amount being close to Rs.7,400 crore so fact this fiscal over the previous year,” she said.

Recommended for you