After ICICI bank has launched a new version of its mobile payment app ‘iMobile pay’, State Bank of India (SBI), the country’s biggest lender, has opened its access to its mobile banking and lifestyle app ‘Yono’ to all. This app is developed to interoperable and allows payment and banking services to any customers of any other bank. ICICI Bank’s interportable app launch has opened up a new front in the banking industry and a battle for the customers.
ICICI bank has announced that customers of any other bank can link their accounts, can generate a UPI Id, and will be able to send and receive money from any bank account, mobile banking app, or digital wallet using the iMobile Pay app. The users of this app get the benefit of all services of ICICI bank. SBI managing director CS Setty has officially announced that the bank will open access to all on its Yono app within 30 days.
To become interoperable, all other banks other than SBI and all NBFC’s are planning to launch a similar app or upgrading their existing app. Sameer Shetty, head of digital banking at Axis Bank, responded that his bank, too, plans to upgrade its app to allow this functionality, but did not give a time frame.
The NPCI’s digital infrastructure based on the banking system is anyway used by the foreign payment companies to permit customers to make payments for free. Thinking about this ICICI has decided to come in the front end allowing everyone to use iMobile Pay. The immediate benefit will be building their brand before customers and in the long run, this could be helpful to make customers in shifting their accounts and keeping money with them said Anup Bagchi, executive director of retail banking at ICICI bank. It will create leads for new customers.
Among other features of the ‘iMobile Pay’ is pay to their available contacts which enable users to automatically see the UPI IDs of their phone book contacts, registered on the ICICI Bank UPI ID network, of any payment app, and digital wallet. The company says this functionality will provide users a significant convenience of inter-operability, as don’t need to memorize their UPI IDs and can easily transfer money across any payment app and digital wallet.
