The service, which makes use of tokenization, is currently available to the bank’s employees and is expected to go live for customers at the end of March 2016.
ICICI Bank has developed this platform in-house and worked with Mahindra Comviva on the underpinned technology.
The way it works is that an ICICI Bank customer has to click on the Touch & Pay icon on the home screen of the Pockets app in his/her smartphone and select the desired virtual credit/debit card. Afterwards, once the merchant enters the amount to be charged, the customer can simply wave the phone near the POS machine. A text on the phone as well as on the merchant’s terminal will confirm the transaction.
Customers can make payments up to Rs 2,000 (USD 29.70) per transaction.
In October 2015, ICICI Bank started to offer mobile payment services in India via mVisa.
According to a recent research from Nielsen, the most popular mobile payments apps in India include Paytm and Freecharge. Mobikwik (17% reach and 29 minutes) comes next as the most popular service followed by My Airtel (10% and 18 minutes), Oxigen Wallet (7% and 17 minutes), My Vodafone (6% and 17 minutes), Paytm Wallet (5% and 14 minutes) and Pockets by ICICI (4% and 23 minutes).
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