ICICI Bank launches 'iMobile Pay' app; enters "FinTech" space

ICICI Bank launched the "iMobile Pay" application on Monday that offers payments and banking services to customers of any bank. This launch marks the private lending bank's entry into the "FinTech" space. The mobile application offers a combination of payment application functions, such as allowing customers to pay to any UPI (Unified Payment Interface) ID or merchants, pay bills and recharge online, among others, with instant banking services like savings accounts, investments, loans, credit cards, gift cards, travel cards and much more.

Furthermore, "iMobile Pay" users can also transfer money to any bank account, payment application and digital wallet.

The lender said in a statement, "Another prominent feature of 'iMobile Pay' is 'pay to contacts' which helps 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."

"This unique functionality gives 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 scope of mobile banking applications that until now are restricted only to the customers of the 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 said.