ICICI Bank launches ‘iMobile Pay’; India’s first app that offers payments and banking services for all
- Customers of any bank can link their bank account, generate a UPI ID and start paying and shopping immediately
- They also get instant access to the entire range of ICICI Bank’s banking services
- They can transfer money to any bank account, payment app, and digital wallets
Another prominent feature of ‘iMobile Pay’ is ‘pay to contacts’ which enables users to automatically see the UPI IDs of their phone book contacts, registered on the ICICI Bank UPI ID network, of any payment app, and digital wallet. This unique functionality provides users a significant convenience of inter-operability, as they no longer have to remember the UPI IDs and can easily transfer money across payments app and digital wallets.
A first-of-its-kind facility in India, ‘iMobile Pay’ extends the ambit of mobile banking apps which are hitherto restricted to only the customers of the respective banks. At the same time, ‘iMobile Pay’ eliminates the need to maintain multiple apps—be 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.
To get started on ‘iMobile Pay’, customers of any bank in the country can download the app, instantly link their bank accounts, and generate a UPI ID (which is simply their mobile number e.g. xxxxxx1234.imb@icici) to avail all the facilities.
Speaking on the initiative, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. These innovations have played a key role in transforming the way digital India banks. In line with this rich tradition, we introduced the country’s first mobile banking app, iMobile, in 2008.
In the recent past, we have captured two user insights while interacting with them. One, many of them, who are not our customers, are keen to use iMobile. Two, customers are tired of using multiple apps for different purposes and they really want to know if an app can take care of all banking and payments requirements. Armed with these insights, we are delighted to extend the ambit of our mobile banking app. Now on, customers of any bank can experience the ease, speed, and safety of our mobile banking app. They can link all their bank accounts to this app. It means they can continue to bank with any bank and still use ‘iMobile Pay’ for all their digital transactions. Also, they can undertake all transactions, which they were so far doing through a gamut of payments app, through this app.
We believe that users will like this innovation as it offers them the unique benefit of payments and banking apps in one single place. “
Mr. Dilip Asbe, MD & CEO, NPCI said, “We are delighted to facilitate ICICI Bank in transforming its mobile banking app empowered with UPI and interoperable with all other UPI-based payment apps. This is yet another initiative that will inspire the ecosystem to integrate interoperability on digital platforms. UPI is known to provide seamless, secure, and convenient payment experience to its users and it is our belief that the large-scale adoption of UPI will strengthen the ecosystem and help in achieving the common goal of less-cash society.”
Over the years, marquee research agencies have adjudged iMobile as one of the best banking apps in the world for its large array of services, user-friendly functionalities, and intuitive design. For example, iMobile has been rated among top-ranking apps for the past five consecutive years by Forrester, a reputed global research firm.
The key features of ‘iMobile Pay’ are:
- Open for all: ‘iMobile Pay’ enables customers of all banks to download this app and experience the quick transactions backed by best-in-class security features
- Acts like a payments app: It allows customers to scan a QR code of any payments app and send money to any UPI ID, bank account, self. It helps the users to transfer the money instantly to anyone free-of-cost. Further, users can pay using the app at a host of establishments including petrol pumps, grocery stores, restaurants, pharmacies, hospitals, multiplexes and much more. Further, they can transfer money to any bank account, payment app or digital wallet.
- Offers banking services: It also acts as a gateway for the customers to begin a new relationship with ICICI Bank. It allows them to open an ICICI Bank savings account digitally and instantaneously, apply for a credit card at zero joining fee, and get an instant approval for home/personal/car loans.
- Enables users to link multiple bank accounts: Users can transact using any of these linked accounts with a single UPI ID which is generated at the time of linking the first account.
- Lot more to be added soon: The list of forthcoming exciting features include users can pay utility bills, recharge mobile phones, check CIBIL score, book travel tickets, buy travel and gift cards, invest in an FD, RD, mutual funds, and insurances. They will also get a feature of spends tracker, that will provide an overview of spends, with all transactions are bucketed into specific categories, to help them track their balances.
- Download: Download the app, ‘iMobile Pay’, from Google Play Store, open it, and set up a four-digit log-in PIN. Users also have the option of logging in using their fingerprint. Please note that it will soon be available for iOS devices.
- Link account/s: On the welcome screen, tap on ‘link account’ and enter the required details to link the savings account of any bank. Users can also link multiple bank accounts.