ICICI Bank’s ‘Pocket’ the India’s first digital wallet specifically for smart-phone users and youth has garnered over 3.6 million downloads one year of its launch.
Out of the total downloads, 75 per cent are non-ICICI bank customers, informed bank officials here on Thursday.
Anyone, including those who are non-customer of ICICI can easily download the e-wallet from Google Playstore, fund it from any bank account in the country and start transaction immediately, bank officials told media persons during a live interaction from Mumbai.
The wallet allows users to instantly send money to any e-mail id, mobile number, friends on facebook and bank account. Users can pay bills recharge mobiles, book movie tickets, order food, send physical and e-gifts, split and share expenses with friends by using the e-wallet. It requires no documentation or branch visit, officials stated.
Those smart phones which have Near Field Communication (NFC) technology with operating system android 4.4 and above can use Pocket.
However, as per the guidelines of Reserve Bank of India (RBI) monthly limit of Rs10,000 has been fixed on pocket, officials stated.
Detailing security features, they informed that the customer’s card details are stored in the Bank’s secure cloud server and not on the customer’s mobile phone. The display of the card on the smartphone shows only last four digits of the virtual card thereby protecting all confidential data in the case of lost or theft.
During each payment, they said, the virtual card leads to the creation of a onetime unique token number by the server, which is then encrypted and sent to the merchant’s terminal, without disclosing any information of the card.