Enhanced Mobile Banking
India’s largest private sector bank now features instant 24/7 funds transfer and prepaid mobile recharge as part of its mobile banking service. ICICI life insurance customers can also pay insurance premiums from their phone. The services are carried out via SMS through the Interbank Mobile Payment Service (IMPS) and can be used on both standard and smartphones. No data is stored on the phone and all transfers are encrypted. More than 16.5 million account holders have thus far been issued with an MMID, the seven digit number needed to receive money through IMPS.
ICICI’s mobile banking app, iMobile, for iPhone, Android, Blackberry and Symbian has also been enhanced and now supports ticket purchases, such as rail, air and cinema tickets, through the smartphone.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
