As it prepares to face a host of new competitors, Icici Bank has set out its pitch to India's millennials with a new mobile wallet called Pockets.
Available to download from the Google Play store, Pockets is open to anyone, whether they are Icici account holders or not. No documentation or branch visit is necessary and funds can be added from any bank account in the country.
A virtual Visa card enables users to transact on any website or mobile application in India, while a physical card for instore payments can also be requested. The app can be used to pay bills, top up mobiles and send money to friends and family using email id, mobile numbers, or Facebook.
Users can also request for a savings account to be added to the e-wallet, although this requires a visit from an Icici employee.
Pocket is launched as Icici and other established Indian banks face a host of new competitors. Wallet providers such as Citrus Pay and PayU have been busy signing up customers, while big players such as telco Bharti Airtel are applying for new payments bank licenses as they prepare to enter the mobile money arena.
Chanda Kochhar, MD and CEO, Icici Bank, says: "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."