ICICI Bank 2016 Annual Report Download - page 15

Annual Report 2015-2016 13
Touch & Pay
India’s first contactless
mobile payment solution
that allows payments at
over 60,000 merchant
outlets
60%
of savings account
transactions are done
through mobile and
internet banking
mVisa
service allows customers
to scan a QR code at
merchant outlets and
make a payment
Smartphones are redefining every aspect of
life today. Banking is no exception. Today,
mobile banking is mainstream. Over the
years, we have played a leading role in this
transformation: educating customers and
showing the way to the rest of the industry
to join along.
From money transfers to contactless
payments to loan applications, the Bank has
made virtually every transaction possible
on the move, so customers are no longer
constrained by time or place.
In February 2015, we launched Pockets,
India’s first digital wallet by a bank, which
can be used by customers and non-
customers alike. Users, especially the young
generation who may not have access to a
traditional bank account, can download the
Pockets app instantly on their phone, fund
it and start transacting immediately. Within
the first year of its launch, Pockets has
garnered over 3.6 million downloads. In an
industry ruled by discounts and cashbacks,
the Pockets app ranks among the top digital
wallets of the country, despite limited spends
on promotions.
In today’s fast paced world, customers like
to complete their transactions quickly and
pay in a jiffy. Realising this, the all-new
Pockets app now sports a revolutionary
feature. Touch & Pay, India’s first contactless
mobile payment solution, enables secure
payments through smartphones at retail
stores and does away with the need to
carry physical cards. All ICICI Bank credit
and debit card users can use this feature to
make payments at over 60,000 merchant
outlets across the country. They simply
need to wave their phones on Near Field
Communication (NFC) enabled merchant
terminals to make the payment.
Pockets is increasingly growing to become
a comprehensive payments app. mVisa, a
service launched in parternship with Visa
earlier in the year, allows customers to
use their Pockets app to make cashless
payments at merchant outlets. Customers
can use mVisa to scan a QR code
available at the merchant outlet, enter
the bill amount and confirm the payment
by entering their debit card PIN. A first-
of-its-kind service in the world, mVisa
ensures that the transactions are faster
and more convenient.