Pre-empting competition from payment banks, ICICI Bank has launched a mobile payment platform named ‘Pockets’.
The app, currently available only on Android-powered cellphones, works like an e-wallet, albeit with a wider reach and can be connected with any savings bank account.
Users can load cash on the app and, then, use it as a conduit to pay bills, transfer money to other people and shop online — to a maximum of R10,000 per month. If the app is connected with an ICICI Bank savings account, the value of transactions will not have a cap.
“You don’t have to wait to see what a payment bank will offer… You can transact all of what can happen and much more in this,” said Rajiv Sabharwal, executive director of ICICI Bank.
The payment bank space has already attracted attention with SBI partnering Reliance Industries to bid for a licence, while Bharti Airtel has teamed up with Kotak Mahindra Bank.