One of India’s largest Private sector Bank, ICICI launched on Tuesday ‘Pockets’ the first digital bank in India. The mobile phone based product provides a variety of new-age services.
According to ICICI Bank Managing Director and Chief Executive Ms. Chanda Kochar ‘Pockets’ combines a digital wallet and saving’s bank account. The whole concept of ‘Pockets’ was stirred from the fact that half the retails bank transactions are carried out remotely on mobile phones or over the internet. The trending use of mobile phones for banking is paving way for more innovations to make the banking experience a lot easier.
How does Pockets Work?
ICICI bank claims that anyone inclusive of non ICICI customers can utilise the e-wallet to send money to any bank account, e-mail id, mobile number or even friends of facebook. Customers are expected to procure a physical card that will be available at physical outlets. Virtual VISA card is used by Pockets that makes users’ transactions on websites.
The Pocket Experience : E-wallet
A whole set of options to pay bills, book movie tickets, recharge mobiles instantly, send e-gifts physically is provided by Pockets. To use these sacred services one has to download the wallet from the Google play store first. Follow the steps and provide with the basic details, create a unique username and password. Once that is complete it is expected that you load funds from any of your bank accounts and transaction can be made right away.
To be able to use the wallet services, the already existing ICICI savings account customers have the privilege. Just by utilising their internet banking credentials and authenticating using the OTP through the mobile phone registered by them they can access the wallet services. Pockets is focussed exclusively on the youth and goes on to split the bills with friends! If the wallet is not linked with the savings account of ICICI bank then the transaction is limited to Rs.10,000/-.
Earn on idle money through Pockets
A zero-balance savings account can be selected by the users which will permit one to earn an interest on the idle money. The main two products to be added to ‘Pockets’ is the universal wallet and savings account. ICICI bank assures that the wallet is equipped with the best-in-class security. It follows mapping of unique mobile number and calls for mandatory authentication with user id and password.
“At ICICI will continue to focus on technology and innovations that offer to its customers, unique propositions that are rapid and convenient. We are always ahead of others in term of technology”, quoted the Managing Director and Chief Executive of ICICI Ms.Kochhar . At its launch it is believed that ‘Pockets’ will turn out to carve the future of digital payments on the go, in the country.