ICICI Bank launched a mobile phone-based product that offers a slew of new-age services. The new integrated mobile banking service is called ‘Pockets’. ICICI Bank’s managing director and chief executive, Chanda Kochhar, claimed that this is the country’s first digital bank on a mobile phone.
‘Pockets’ integrates a digital wallet, a physical pre-paid card and a basic savings bank account.
Almost 50% of all retail transactions at ICICI Bank are being carried out on the mobile and Internet platforms, Ms Kochhar said. People are using mobiles in a big way to access Internet. One can fund the e-wallet from any bank account in the country and start transacting immediately. E-wallet users can pay bills, recharge mobiles, book movie tickets, order food, send physical and e-gifts, split and share expenses with friends.