ICICI Bank Launches ‘Pocket’, A Mobile Wallet App For Android

After last month’s launch of a new facility for its customers which allows them to transfer money, prepaid mobile recharges and to check bank balance via Twitter, ICICI bank is again in news for launching ‘Pockets’, a digital banking service which enables users to instantly send or request money from any email ID, mobile number, friends on Facebook and bank account.

Commenting on the launch Chanda Kochhar, ICICI Bank Managing Director and Chief Executive, 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.”

The wallet works with the help of a virtual card through which users could transact from any part of the country. They can also add a zero-balance savings account to the wallet and earn interest on the idle money in the account. The universal wallet and the savings account are the first two products to be launched as part of the ‘Pockets’ digital bank.

ICICI Bank Executive Director Rajiv Sabharwal said, “People are using mobiles in a big way to access Internet, while the PC-based net use is declining. One can fund the e-wallet from any bank account in the country and start transacting immediately. It requires no documentation or branch visit. Those who opt for a physical card, which will then act a like prepaid card or debit card, will have to pay Rs 99 as processing fee.”

The app can be used by anybody regardless of the fact whether the user is a ICICI customer or not.