Private lender ICICI Bank on Monday entered the ‘FinTech’ space by launching ‘iMobile Pay’ app which gives payments and banking services to prospects of any bank.
The mobile application gives a mixture of facilities of a payment app — such as enabling prospects to spend to any UPI (Unified Payments Interface) ID or merchants, paying bills and do on-line recharge amongst other people — with immediate banking services such as savings account, investments, loans, credit cards, present cards, travel cards and considerably far more.
Besides, the customers of ‘iMobile Pay’ could also transfer revenue to any bank account, payment app and digital wallet.
“Another prominent feature of ‘iMobile Pay’ is ‘pay to contacts’ which enables users to automatically see the UPI IDs of their phonebook contacts registered on the ICICI Bank UPI ID network of any payment app and digital wallet,” the lender stated in a statement.
“This unique functionality provides users a significant convenience of inter-operability as they no longer have to remember the UPI IDs and could easily transfer money across payment app and digital wallet.”
The mobile application extends the ambit of mobile banking apps which are hitherto restricted to only the prospects of respective banks.
“At the same time ‘iMobile Pay’ eliminates the need to maintain multiple apps — be it payments or banking — as it empowers customers to undertake all transactions. In the process it also offers compelling reasons for users to link their multiple bank accounts to this app,” the statement stated.
–IANS