As more companies seek bank licenses in India to launch mobile-payments products there, ICICI Bank got ahead of the rush Tuesday when it launched a mobile wallet for Andriod phones called Pockets.
The bank describes Pockets on its website as a digital bank with a mobile-first interface. Consumers can use any bank account to link to Pockets’ prepaid account. Users then can send and receive funds, book movie tickets, purchase prepaid gift vouchers, pay bills, top up mobile accounts and split bills with other users. ICICI describes the app in more detail in the following video:
ICICI Bank does not require know-your-customer documentation as long as the total value of transactions per month is belowe 10,000 rupees ($160 or 142 euros).
Chanda Kochhar, managing director and chief executive of ICICI Bank, told local media outlets that the Pockets mobile app was created in anticipation of others releasing similar offerings. “The payment e-wallet allows everything that a payments bank can do,” she said. “With this offering, we think that we are already offering the experience of a payments bank.”
ICICI Bank said on its website that it will release an iOS version of Pockets in the future.