India’s third-largest private lender, Axis Bank has launched a full-fledged mobile app ‘Lime’ that offers Wallet, Shopping, Payments & Banking.
Lime will act as an independent app, empowering one to open individual, shared mobile wallets and make online, offline merchant payments.
Users can also experience the convenience of in-app shopping that allows them to compare and buy products and services.
Apart from shopping and ticketing, the payment functionalities in the app allow users to do proximity payments at offline merchants through mobile and sound through the ‘NearPay’ feature.
Besides, a Piggy Bank feature will help in investing directly into a fixed or high-yield deposit through the app; it helps split bills within a group and share the wallet with family members or friends, among others.
Lime will enable individuals to open a full-fledged savings account digitally, by completing the KYC process, using their mobile.
The app also allows users to keep track of their various bank accounts, spending habits and help categorise their spends and based on that accumulate ‘genius insights’ to save.
Commenting on the launch, 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.”
Axis Bank’s launch comes soon after the Reserve Bank of India approved 11 licences for payment banks.
