What is Pockets from ICICI Bank
ICICI Bank has launched its Android based mobile wallet application – Pockets with a lot of zeal. The bank is hoping that the mobile wallet which provides the same user experience that a Payments Bank would deliver, will help them stay ahead in the overall Indian Payments Market.
The key features of the Pockets ewallet from ICICI Bank are
- Can be set up with minimal customer details like Name, Mobile Number, email etc
- Can be funded by any bank account
- No KYC needed if the monthly transaction volume is less than Rs 10,000/-
- Does not pay any interest on the balances kept. Transaction-account.
ICICI bank is planning to offer a basic savings account to anyone who wants to use the Pockets account for doing monthly transactions in excess of Rs 10,000/-. This would require the full KYC documentation to be done and hence might act as a hurdle in the adoption of the app.
Pockets has already crossed the 1 million download mark in the Android Marketplace, and carries an average user rating of around 3.9 (from 46K reviewers). This is pretty high by banking standards and re-inforces the hypothesis that ICICI bank seems to have got it right.
Pockets now comes with a free VISA card, that enables users to shop in the offline world also. The card is linked to the Pockets wallet and needs to be requested separately by the user. By default, the activation happens online and instantaneously wherein the user can leverage the wallet only in the online world (no physical transactions are possible without the VISA card). This add-on card to the wallet, allows Pockets to get into the offline world without investing in the building a dedicated merchant network. Most merchants have a card accepting machine and Pockets users can leverage the same.