ICICI, one of India’s largest private banks, has now launched a new app on Facebook called “Pockets”. This latest initiative basically gives users a bunch of banking services like instant fund transfers as well as a range of other banking features. The app also allows users to recharge their mobile phones, book movie tickets, view transaction summaries and even get their credit card details. And these are just a few of the services being rolled out.
The new app comes with a bunch of features like “Split ‘n’ share” as well as “Pay a friend”. The latter basically allows customers to directly transfer funds without the need for bank account details like account numbers, bank branch and so on. Instead, users only need to punch in the recipient’s email ID and mobile number to transfer funds.
The app, once you have filled in all the relevant details, will generate a coupon and passcode that needs to be sent to the recipient. The coupon is valid for seven days and can be redeemed only by a way of credit in the account. The recipient need not be an existing customer of ICICI, though, which should definitely help in the popularity of the app.
ICICI's new Pockets app allows you to send money via Facebook
“Split ‘n’ share” allows users to split and track group expenses. It also gives users the option of sharing the expense sheet generated with their friends on Facebook. Users first have to create an event on the feature, detailing the nature of the event (picnic, movies, dinner and so on), the total budget and the date by when the due amount has to be settled by. In addition, the app also allows users to send messages to their friends reminding them about pending payments. Currently, tranfers being made via Facebook using Pockets dont seem to be going through, but it is likely that the company is still working out the details as the app is in the beta stage. The Pockets app also allows users to access traditional banking features like viewing a mini statement of a savings bank account or checking credit card details. Users can also open a fixed or recurring deposit, order a cheque book, stop a cheque payment and upgrade their debit cards. Anyone interested in this this app has to simply access the official ICICI Bank Facebook page and click on the “Pockets by ICICI Bank” tab. Only an existing ICICI bank customer can use this app, though. Users have to register for the app by entering their existing debit card number along with the PIN. This basically adds the app to the user’s profile under “Apps”. During the registration process, users have to select a new four-digit PIN that will be used in subsequent logins. The company says that it has developed the app with the most robust of security features, including a 128 bit encryption, secure browsing that runs on https to make transactions secure and safe start, which basically registers an account based on a customers debit card number and PIN authentication. Another crucial security feature is authenticity of transaction initiation that generates a one time password that is sent to the customer’s registered mobile number to verify if the transaction is valid or not. Overall, the app looks very useful, and more importantly, safe. With India boasting a user base of over 82 million Facebook users, there is a good chance that many existing ICICI customers are on the list.
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