The ‘iMobile Pay’ app offers a combination of facilities of a payment app-- such as enabling customers to pay to any UPI ID or merchants, pay bills and do online recharges among others-- with instant banking services.
Presently, no charges are levied on transaction done through UPI.
ICICI Bank has launched the ‘iMobile Pay’ app, which offers payments and banking services for all. This app will not be limited to ICICI Bank customers only, and customers of any bank can use this app. This is an online payment system app in line with Google Pay, PhonePe, etc.
The banking app iMobile Pay extends the ambit of mobile banking apps which are hitherto restricted to only the customers of the respective banks. At the same time, ‘iMobile Pay’ eliminates the need to maintain multiple apps—be payments or banking—as it empowers customers to undertake all transactions. In the process, it also offers compelling reasons for users to link their multiple bank accounts to this app.
The ‘iMobile Pay’ app offers a combination of facilities of a payment app– such as enabling customers to pay to any UPI (Unified Payments Interface) ID or merchants, pay bills and do online recharges among others– with instant banking services namely savings account, investments, loans, credit cards, gift cards, travel cards and much more. The users of ‘iMobile Pay’ can also transfer money to any bank account, a payment app, and digital wallet.
Among other features of the ‘iMobile Pay’ is pay to contacts which enable users to automatically see the UPI IDs of their phone book contacts, registered on the ICICI Bank UPI ID network, of any payment app, and digital wallet. The company says this functionality will provide users a significant convenience of inter-operability, as they no longer have to remember the UPI IDs and can easily transfer money across payment app and digital wallet.
Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. These innovations have played a key role in transforming the way digital India banks.” He further adds, “Now on, customers of any bank can experience the ease, speed, and safety of our mobile banking app. They can link all their bank accounts to this app. It means they can continue to bank with any bank and still use ‘iMobile Pay’ for all their digital transactions. Also, they can undertake all transactions, which they were so far doing through a gamut of payments app, through this app.”
Dilip Asbe, MD and CEO, NPCI said, “This is yet another initiative that will inspire the ecosystem to integrate interoperability on digital platforms. UPI is known to provide seamless, secure, and convenient payment experience to its users and it is our belief that the large-scale adoption of UPI will strengthen the ecosystem and help in achieving the common goal of less-cash society.”
Some of the key features of ‘iMobile Pay’:
Open for all: ‘iMobile Pay’ enables customers of all banks to download this app and experience quick transactions backed by best-in-class security features.
Acts like a payments app: It allows customers to scan a QR code of any payments app and send money to any UPI ID, bank account, self. It helps the users to transfer the money instantly to anyone free-of-cost. Further, users can pay using the app at a host of establishments including petrol pumps, grocery stores, restaurants, pharmacies, hospitals, multiplexes, and much more. One can also transfer money to any bank account, a payment app, or digital wallet.
Offers banking services: It allows them to open an ICICI Bank savings account digitally and instantaneously, apply for a credit card at zero joining fee and get instant approval for home/personal/car loans.
Enables users to link multiple bank accounts: Users can transact using any of these linked accounts with a single UPI ID which is generated at the time of linking the first account.
Here is how to use the app:
Download the ‘iMobile Pay’ app from Google Play Store. Open it and set up a 4-digit log-in PIN. Users also have the option of logging in using their fingerprint. (Note that the app is limited to Android users as of now)
Next link your accounts. On the welcome screen, tap on ‘link account’ and enter the required details to link the savings account of any bank. You can also link multiple bank accounts.
Then generate your UPI ID. Once you have successfully linked your accounts, a UPI ID will be generated, which can be used to start making transactions. The UPI ID generated will remain the same for all the linked bank accounts. Users can simply select the account of their choice, while making a transaction.