ICICI And Paytm Make Bold Moves, Payments a Big Attractive Sector in India

The payments sector in India is evolving fast, offering customers with numerous choices to make payments by integrating it well with mobility (smartphones, apps), cloud tech and by expanding its reach to sectors like retail, entertainment and others. Its like a rolling stone gaining momentum every month. Some people say that its the next big sector after Ecommerce for India and its entrepreneurs.

ICICI Bank Goes For Wearables

ICICI has recently launched its iWear app for smartwatches. It is available for Android and Apple Watches. Robosoft, a mobility solutions provider has partnered with ICICI Bank to integrate banking services for Apple Watch. Android users can download the iWear by ICICI Bank app from Google Play.

The ICICI Bank app seamlessly connects a user’s devices to the ICICI bank account and has minimal features specific to the Apple Watch interface. The app also makes use of the glance feature of the Apple Watch where a simple account summary can be viewed without launching the app. It also guides users to ATMs nearby through the navigation and real time feedback.

Rajiv Sabharwal, Executive Director of ICICI Bank states that, ICICI Bank is the first bank to globally include location-based features like nearest bank branch, discount sales and offers at stores nearby, etc.

ICICI Bank witnessed 37 lakh transactions on its mobile banking application in March and 30% of its active user base does banking over the mobile.

Paytm moves into Proximity Payments

Paytm has partnered with quick service restaurants (QSRs) including Domino’s and CaféCoffee Day to accept payments through Paytm’s mobile wallet service. Paytm’s mobile wallet service in the offline retail space will be available in the next two months.

Paytm currently offers recharge services for DTH and mobile phones and provides mobile wallet services for online transactions on Uber, BookMyShow , eBay and IRCTC.

In February, Alibaba acquired a 25%stake in One97 Communications, the parent company of Paytm.

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Why Should New Payment Entrepreneurs Focus On Proximity Payments?