ICICI Bank on Tuesday announced the launch of its new Pockets digital wallet application in the country. With Pockets, ICICI is hoping to get a significant chunk of the growing wallet market, which already includes players like PayTM and Mobikwik.
According to the bank, the Pockets app is accessible to all consumers, whether you are an ICICI customer or not. All you have to do it is download it from Google Play, fund it from your existing bank account and start using it.
“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,”said Chanda Kochhar, Managing Director & CEO, ICICI Bank.
The Pockets app can be used to send money, pay bills, recharge prepaid accounts, or any number of other online transactions. Your wallet is basically a virtual prepaid VISA card, so it will work at any online store that supports VISA. Also, if you want to use it in physical retail stores, ICICI allows you to get a physical card as well.
ICICI has noted that the no-frills nature of the Pockets wallet will only work for transactions lower than INR 10,000. If you want to purchase or pay for something more than INR 10K, you will have to link a bank account with Pockets. If you don’t have a saving account, ICICI is offering to set-up a zero-balance saving account for you.
According to ICICI Bank, Pockets will initially be available for Android, but other platform apps are already in the works.
How to set-up Pockets:
- Download the Pocket app from Google Play
- If you are not an existing ICICI Bank Internet Bank user, create account and enter basic details like name, mobile number, gender, email id, date of birth and address
- Receive ‘One Time Password’(OTP) on your mobile number to create user ID and password
- Load funds using Net Banking or using a debit card and you are all set-up to use Pockets.
- Note: If you already have an ICICI Bank internet banking account, use those login credentials in Pockets and authenticate using the OTP sent to your registered mobile number.
Quick look at the key features of Pockets
- Create and fund your wallet instantly
- Personalize with colour themes and card images
- Send money to bank accounts, mobile numbers as well as email addresses
- Also, recharge your phone, book movie tickets, pay bills, send gifts and split expenses with friends
- Shop anywhere online or get a physical card for use in brick-and-mortar shops
- Get deals right inside the app
- “Unlock” higher level banking features such as Fixed and Recurring Deposits by opening the Pockets zero balance savings account