ICICI Bank launches digital wallet app `Pockets’

ICICI bank has introduced new digital wallet app ‘Pockets’. The App which on installation generates a virtual visa card that can be used for payments with any online merchant. This card allows its acceptance with any online merchant as it works on the existing card-based payment platform.

With this product, ICICI Bank hopes to take on private non-bank issuers of digital wallets.

Non-bank digital wallet providers PayTM, Citrus Pay, Mobikwik and PayU have been enrolling lakhs of users by offering high discounts with merchants. However, the limitation of nonbank wallets is that the issuer has to tie up with each merchant for acceptance of payment. Although opening the Pocket pre-paid account is instant and customers can use this account for most transactions, the customer does not automatically become a bank accountholder. The bank offers a separate `zero balance’ account within 24 hours of the request after `know-your-customer’ documents are handed to a bank representative. See more at: http://www.varindia.com/icici-bank-launches-digital-wallet-app-pockets/