India’s third largest private lender, Axis Bank rolled out a mobile application “Lime” which integrates a mobile wallet, banking, payment and shopping facilities. This launch comes soon after the Reserve Bank of India (RBI) has approved licenses for payment banks for third party transactions. Speaking about the Lime app, Shikha Sharma, Managing Director and CEO, Axis Bank, said, “Customer preferences are changing rapidly and technology is transforming the way these preferences are being met. Our effort has been to constantly innovate through the use of smart technology to meet these evolving needs. LIME is the next big step in this journey.”
The app is open to customers from other banks as well. This integrated mobile app aims at offering high customer engagement through new financial and digital behaviours. It can make seamless peer to peer, online and offline merchant payments.
Users can add money from credit/debit cards or net banking and authenticate the payment using a 4 digit mPIN. Not only this, users can also shop and compare products across different shopping portals through this app as well as plan vacations, book flights, bus and movie tickets. This app would be a sure shot hit as it can keep a track of the user’s spending habits and provides insights to help them spend better.
Our Marketing Manager, Mr. Mainak Biswas also believes that this is indeed India’s first mobile app that can enable any individual to transact and manage money through a single mobile app. It is the best way to boost payment banking.