'Pockets' Is ICICI Bank's Answer To Payments Bank

by CXOtoday News Desk    Feb 11, 2015

banking

Faced with stiff competition from digital wallet companies and the launch of payment banks, ICICI Bank has rolled out a new digital banking product  - a new mobile wallet called ‘Pockets.’ The product, as the bank calls it the ‘first digital mobile bank’ will function as a bank account more than a wallet. It will offer the entire gamut of facilities that are generally offered by a bank allowing the customers to make the transactions through mobile phone without the need of a bank account, the bank said in a statement.

With the help of this facility users can send money to any email ID, mobile number, Facebook friends and bank account. The maximum limit which is allowed on E-wallet is Rs 10000. Customers can use a virtual Visa card to make payments while they can also request for a physical card. At the beginning of the week the bank launched this facility, at present this is available on Google play Store.

Users will have the option to fund money to their wallet either by linking their ICICI Bank account or using Debit Card/Netbanking. If you don’t link an ICICI Bank account to your wallet, you will be restricted to transactions of Rs. 10,000 per month. There would be no transaction charges for ICICI Bank account holders while non-ICICI Bank accounts will be charged the regular NEFT charges.

“Today’s youth wants everything instantly, on the go. ‘Pockets’ addresses this need by allowing anyone to open an account on their mobile phone in an instant and start transacting immediately. We believe that Pockets will help shape the future of digital payments in the country,” said Chanda Kochhar, MD and CEO, ICICI Bank.

 
The Reserve Bank of India (RBI) is in the process of takin a decision on payments bank licences. ICICI Bank reportedly expressed interest in exploring a partnership with those who have applied for bank licence earlier. The bank however states that Pockets will have more feature than a payments bank and is another step forward in digital banking. Currently 50 percent of the bank’s customers transact via the digital medium.