ICICI Bank on Monday announced that it has transformed its mobile banking app, iMobile, into an app that offers payments and banking services to customers of any bank. Called iMobile Pay, the app offers a unique combination of facilities of a payment app — such as enabling customers to pay to any UPI (Unified Payments Interface) ID or merchants, pay bills and do online recharges among others — with instant banking services namely savings account, investments, loans, credit cards, gift cards, and travel cards, along with other banking services. The users of iMobile Pay can also transfer money to any bank account, payment app and digital wallet.
Another prominent feature of iMobile Pay is ‘pay to contacts’ that enable 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 payment app and digital wallet.
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.