In one of its kind move, ICICI Bank and MobiKwik have come together to enable digital payment solutions. With this collaboration, users will be allowed to deposit direct cash to their digital wallet from any branch of ICICI Bank (4,000 branches).
Until now, the major hindrance in the growth of mobile wallets usage was the pre-requisite to have a bank account in order to transfer money through net banking or card payment.
Bipin Preet Singh, founder and chief executive, MobiKwik. said, “We believe our tie-up with India’s largest private-sector bank ICICI, is a big step forward for the entire mobile payments industry,” he said.
This move by ICICI Bank and MobiKwik will enable over 900 million mobile users in India who don’t have a bank account, to make online transactions without needing a bank account. Interestingly, ICICI Bank has taken many steps towards complete digitization of its banking services. The Bank recently launched “Pockets” app , which is a wallet app and provides users with banking on-the-go.