ICICI Bank launches ‘Pockets’, India’s first digital bank on a mobile phone

ICICI Bank, India’s largest private sector bank, has announced the launch of ‘Pockets’, India’s first digital bank for the youth. Anyone, including those who are not customers of ICICI Bank, can download the e-wallet from Google Playstore, fund it from any bank account in the country and start transacting immediately. This wallet uses a virtual VISA card which enables the users to transact on any website or mobile application in India. Customers can also request for a physical card to use it at any retail outlet. The wallet allows users to instantly send money to any e-mail id, mobile number, friends on Facebook and bank account. The users can pay bills, recharge mobiles, book movie tickets, order food, send physical & e-gifts, split and share expenses with friends by using this e-wallet.

Users can choose to add a zero-balance savings account to the wallet, which will allow them to earn interest on their idle money. The universal wallet and the savings account are the first two products to be launched as part of the ‘Pockets’ digital bank. These products come with a new youth centric look and feel. Commenting on the launch, Chanda Kochhar, Managing Director & CEO, ICICI Bank said, “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. We, at ICICI Bank, will continue to focus on innovations in technology to offer unique propositions that are simple, fast and convenient.”

Using the app is simple. After downloading the wallet from Google Playstore, tap on ‘create an account’. Enter basic details like name, mobile number, gender, email id, date of birth and address. The user will receive a ‘One Time Password’(OTP) on the mobile number to create user id and password. The user can then load funds into ‘Pockets’ using any bank’s net banking or debit card and start using immediately Existing ICICI Bank savings account customers can also register for the e-wallet by simply using their internet banking login credentials and authenticating the OTP sent to their registered mobile number. Users can conveniently load funds into ‘Pockets’ using any bank’s net banking or debit card. The wallet comes with best-in-class security features. It allows only one registration for a unique mobile number and requires mandatory authentication with user id and password for every login, among others. The other unique features of the e-wallet are include Shop Anwhere - the e- wallet uses a virtual VISA card with which users can shop online on any website or mobile application in India. Users can also view their account statement and track their expenses by clubbing them under a hashtag.