ICICI Bank enters fintech space, launches 'iMobile Pay' application

Users can transfer money to any bank account, payment app and digital wallet.

Private lender ICICI Bank on Monday entered the 'FinTech' space by launching 'iMobile Pay' app which offers payments and banking services to customers of any bank.

The mobile application offers a combination of facilities of a payment app -- such as enabling customers to pay to any UPI (Unified Payments Interface) ID or merchants, paying bills and do online recharge among others -- with instant banking services such as savings account, investments, loans, credit cards, gift cards, travel cards and much more.

Besides, the users of 'iMobile Pay' could also transfer money to any bank account, payment app and digital wallet.

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

"This unique functionality provides 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 ambit of mobile banking apps which are hitherto restricted to only the customers of 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.