ICICI Bank, India's largest private sector bank, announced the launch of ‘Pockets', India's first digital bank for the youth, the bank said in the press release.
Anyone, including those who are not customers of ICICI Bank, can easily 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, Ms. 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."