ICICI Bank Launches ‘Pockets’ Digital Wallet Targeting Youth (Feb. 12, 2015)
India’s second-largest bank ICICI Bank this week launched “Pockets,” a mobile wallet targeting younger consumers powered by a Visa prepaid card, enabling smartphone users to send and request funds, shop online and pay bills, whether or not they are an ICICI bank customer. Prospective users download the Pockets app from Google Play, request an account and within 24 hours receive a Pockets account number. After linking a bank account or debit card to fund the wallet, users may start shopping at Websites that accept Visa, sending or receiving funds to individuals or paying bills. The app’s P2P capabilities include sending funds via the Pocket Wallet or via email, text or in-app using contacts from mobile phones, Facebook, or Google+.
Available to anyone at least 10 years old with a smartphone, Pockets is India’s first “digital bank for youth,” said Chandra Kochhar, ICICI’s managing director and CEO. Features that appeal most to India’s youth include P2P, topping up mobile phones, and buying movie tickets and food, according to the bank. The Pockets app also includes a link to ICICI’s online “Offer Zone,” with shopping, dining and travel discounts from 100 participating merchants. A physical Pockets card for in-store payments is available upon request. To add an optional savings account to the wallet, users must meet with a bank employee and provide identity documentation, the bank said. A version of Pockets for iPhone is coming soon.
Several telecom and mobile wallet companies have applied for payment bank licenses in India, and competitors already rolling out mobile wallets in India include PayU, Mobikwik and Citrus Pay. In an email this week to HDFC Bank’s customers, Managing Director Aditya Puri said plans are the works to launch a secure new digital wallet, according to MediaNama.
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