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December 8, 2020

ICICI Bank rolls out interoperable banking app ‘iMobile Pay’

Indian private sector lender ICICI Bank has transformed its iMobile banking app into a payments app for customers of any bank.

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Dubbed iMobile Pay, the app enables customers to pay to any Unified Payments Interface (UPI) ID or merchants, make bill payments and do online recharges.

They can access instant banking services like savings account, investments, loans, credit cards, gift cards, travel cards and more.

iMobile Pay features

The app is available to customers of all banks.

It enables QR scanning of any payments app, allows money transfers to any UPI ID, bank account, and self, for free.

They can use the app at petrol pumps, grocery stores, restaurants, pharmacies, hospitals, multiplexes and more.

iMobile Pay users can transfer money to any bank account, payment app and digital wallet.

It also features a ‘pay to contacts’ functionality which allows user to pay via UPI to their phone book contacts.

This removes the need for remembering UPI IDs for money transfers to apps or wallets and users can enjoy the convenience of interoperability, the bank said.

iMobile Pay also removes the need for using multiple apps for banking and payments.

The app allows users to open a savings account with ICICI Bank digitally and instantly, apply for a free credit card, apply for loans, and link multiple bank accounts.

The forthcoming features include utility bills payment, recharge mobile phones, check CIBIL score, book travel tickets, buy travel and gift cards, invest in an FD, RD, mutual funds, and insurances.

It will also feature spends tracker to view all transactions category-wise.

Comments

Speaking on the initiative, ICICI Bank executive director Anup Bagchi said: “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.

“We believe that users will like this innovation as it offers them the unique benefit of payment apps and banking apps in one single place.”

NPCI MD & CEO Dilip Asbe said: “We are delighted to facilitate ICICI Bank in transforming its mobile banking app empowered with UPI and interoperable with all other UPI based payment apps.

“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.”

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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