ICICI Bank launches contactless payment solution through iMobile Pay

Mumbai: ICICI Bank today announced the launch of a contactless payment service through its banking app, iMobile Pay, that enables customers to tap their smartphones to pay at POS (Point of Sale) machines of merchant outlets. The service offers improved convenience to over 1.5 crore debit and credit card customers of the Bank as they will no longer need to carry their cards for payments at retail stores. Based on the Near Field Communications (NFC) technology, the innovative payment service empowers customers to create digital versions of their physical ICICI Bank debit and credit cards on the iMobile Pay app. Using the digital cards, customers can initiate electronic payments at merchant outlets from NFC enabled Android smartphones by just waving their phone near a contactless POS device.

Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, focus on technological innovations to offer unique, fast and convenient solutions to our customers. We were first to introduce ‘Tap to Pay’ facility five years ago by digitising cards and offering secured contactless payment through our digital wallet app, Pockets. Now we have extended this facility through our mobile app, iMobile Pay. This contactless mobile payment solution offers cashless payments to the Bank’s customers using just their smartphones, thereby eliminating the need to carry cash or debit and credit cards.

We believe, with ‘Tap to Pay’ payment solution, customers will experience enhanced convenience as it provides instant, safe and secure payments. Additionally, the solution offers enhanced security as the customer’s card details are not shared during the transaction process and are stored virtually in the Bank’s secure cloud server. We thank our partners Visa and Comviva who have enabled this collaboration. We will continue on our endeavour to improve cards payment experience for our customers through innovation and excellence with focus on safety and security.”

The facility of ‘Tap to Pay’ through iMobile Pay is now available on Visa cards and it will soon be activated on Mastercard cards too.

Mr. T. R. Ramachandran, Group Country Manager, India and South Asia, Visa said, “Contactless payments are becoming the go-to way of paying instantly and securely at merchant outlets, today accounting for 1 out of every 2 face-to-face Visa transactions in Asia Pacific. We are delighted to strengthen our strategic and innovation-focused partnership with ICICI Bank by enabling contactless payments on iMobile Pay banking app, embedding the ease of tapping to pay into the mobile banking experience for millions of Visa cardholders of the Bank.”

Mr. Srinivas Nidugondi, EVP and Chief Growth and Transformation Officer, Comviva, said, “We are thrilled to partner with ICICI Bank to modernize payments and evolve the digital landscape in India. As one of the world’s leading digital payment platform provider, Comviva is extremely excited to offer swift, secure and convenient payment experience to ICICI Bank customers. iMobile Pay ‘Tap to Pay’ will accelerate the growth of safe and hygienic contactless payments and contribute towards India’s growing digital economy.”

To avail this service, customers need to update the new version of the iMobile Pay app from Google Play Store on their NFC enabled smartphones of OS- Android 6 and above. Customers will have to do a one-time activation through iMobile Pay to start using the ‘Tap to Pay’ service and then make the payment securely and conveniently at retail stores. As per the RBI guidelines, customers can make payments upto Rs 5,000 per transaction with just tapping or waving the phone near the POS device. For transactions above Rs. 5,000, customers will have to enter their card PIN along with waving the phone near the POS device.

Customers can follow below given easy steps to avail the service:

One time activation:
The customer has to login to iMobile Pay app and click on ‘Tap to Pay’ icon on the login page or ‘Shop’ section.
Thereafter, the customer needs to select registered debit and credit cards to make a digital version and then click on ‘I Agree’ to accept the terms & conditions.
The customers can create virtual cards against each of their ICICI Bank Visa credit and debit cards

2. Making a payment:

Log in to iMobile Pay app and click on ‘Tap to Pay’ on login page or ‘Shop’ section
Select a virtual Visa card to make the payment and wave or tap the phone near the NFC enabled POS device
A message of ‘Payment initiated successfully’ appears on the phone confirming the transaction

About ICICI Bank:

ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹15,72,772 crore at June 30, 2021. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.

Read about:- ICICI Bank partners with ZestMoney to expand its ‘Cardless EMI’ facility

The Bank has paced to the milestone in a span of just five months
Users are enjoying features like ‘pay to contact’, bill payments and ‘scan to pay’

Mumbai: ICICI Bank today announced that over two million customers of other banks are now using the revamped avatar of its mobile banking app, ‘iMobile Pay‘. The Bank has paced to the milestone in a span of just five months after making ‘iMobile Pay’ open to all, including customers of other banks. This milestone is a testimony of the wide acceptance that ‘iMobile Pay’ has received from users across the country. Further, the trends received so far show that users are enjoying the various features offered by the app such as ‘pay to contact’, bill payments and ‘scan to pay’, among others.

ICICI Bank opened its mobile banking platform ‘iMobile Pay’ to customers of all banks in December 2020. This first-in-the-industry initiative provided the significant convenience of interoperability, as it enabled users of any bank to link their account to the app and start making payments/transactions digitally. It also offered them access to an entire range of ICICI Bank services including savings account, home loan, credit card, personal loan among others from the comfort and safety of their home in these challenging times of the pandemic.
Commenting on the feat, Mr. Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank said: “ICICI Bank has always believed in introducing innovations that simplify banking for customers. In line with this philosophy, the Bank was the first to introduce a mobile banking app in the country in 2008, called ‘iMobile’. The Bank has transformed the app and renamed it ‘iMobile Pay’ five months ago to offer interoperability so that anyone, including customers of other banks, can experience the benefits of hassle-free payments and digital banking of ICICI Bank through this app. This was made possible by leveraging NPCI’s interoperable infrastructure.

It delights us immensely that now more than two million customers of other banks are using the app to meet their daily financial requirements. They are enjoying various services offered by the app, especially ‘pay to contact’, bill payments and ‘scan to pay’, which let one make payments digitally in a safe and secure manner. In addition, many customers are entering into a new relationship with the Bank after downloading the app. They are opening savings account and applying for a credit card, home loan and personal loan among others. Going by the tremendous response received so far, we anticipate that more and more users will download
the app in the coming days and experience the seamlessness it offers.”

Among the various features offered by the app, customers like ‘pay to contact’ feature the most. It enables them to conveniently send money either to a mobile number or a UPI ID of their friends/contacts, who are registered on any payment app or a digital wallet. In addition, features like ‘scan to pay’, bill payments, ‘check balance’ have seen maximum usage. Users are visiting ‘iMobile Pay’ for repeat and frequent transactions, making it an app of their choice. In fact, they are increasing the value of their transactions with each visit. This is a testimony of the trust they have put in the app and the seamless experience that they receive from it.

The app has evinced huge interest from bank account holders across the country. It has been witnessing an encouraging response from metro cities and leading state capitals including New Delhi, Bengaluru, Chennai, Hyderabad, Lucknow, Patna, Jaipur, Ahmedabad, among others. In order to offer more convenience to users, the Bank has added bill payment services prominently on the home screen of the app, to enable quick payments for DTH, utility services such as electricity, gas and water, FASTag recharge (including that of other banks), insurance and mobile postpaid among others. To start using ‘iMobile Pay’, customers of any bank can link their bank account with the app, generate a UPI ID and begin transacting.

About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE: IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at $ 15,73,812 crore at March 31, 2021. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.

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