Times of India ( 08 Feb 2021 ) carries a big advt on
front page, which reads ( partly ) :
--------------------------------------------------------------------------------------------
ICICI Bank /
iMobile Pay / POORE INDIA KA PAYMENT APP
Link Savings Account of Any Bank
Pay Anyone on Any Payment App
{
Introducing iMobile Pay - Powered by UPI }
----------------------------------------------------------
Q > But I don’t have an ICICI Bank account
A > No problem ! You can link any of your Savings Account from any bank in
India
-------------------------------------------------------------
Q > Can I pay to shopkeepers or friends who use Google Pay, PhonePe , Paytm
etc ?
A > Yes ! You can safely send money to , or receive money from all payment
apps that use
UPI
---------------------------------------------------------------
Q > What if
I don’t have their account or UPI details ?
A > Just select their mobile number from your phone’s address book. We’ll do
the rest !
---------------------------------------------------------------
Q > Can I do
bill payments and recharges ?
A > Yes,
you can pay bills and do DTH & FASTag recharge instantly !
---------------------------------------------------------------
Q > So , is
iMobile Pay just a payment app ?
A > No, it’s a banking app too ! You can apply for Personal Loans and Credit
Cards with great offers
===================================================
Some 4
YEARS back , I sent following mail to our Policy Makers :
A Matter of Time ………………………..[
03 Jan 2017 ]
Extract :
So just wait to find out which Mobile Wallet
comes up with the following " innovations " FIRST :
* All bank accounts of a person ( in different banks ) become inter-
operable / fungible ,
through seamless interlinking, using Aadhar / UPI Interface in a Mobile Wallet
No need to " select
" a particular bank name
* All transactions using a Mobile Wallet, automatically entered in BLOCK-CHAIN
database
best yield , constantly searching for best interest rates offered by banks on
Fixed Deposits
This will happen automatically, much like algorithm-based share trading ,
taking
one thousandths
No rocket science here considering availability of " BEST PRICE " apps for
thousands of
And since computing power of mobiles are doubling every 18 months ( Moore's
Law
),
A/C on Wallet ? )
* Of course , future Mobile Wallets will subsume within itself , ALL AUTOMATIC
PAYMENT
payments :
# Property Taxes / Locker Fees / Housing Society Charges / MTNL
# Mahanagar Gas / Tata Power / YOU broadband / Vodafone / TATA Sky TV
I expect , a future Mobile Wallet to take care of ALL my periodic dues,
automatically
* Without doubt , a future Mobile Wallet will need to serve all major regional
languages
* Equally important, all future Mobile Wallets will have to
be SPEECH ENABLED
Read : How To Go Cash-Less [ 27 Nov 2016 ]
The party
introducing this feature first, will be the WINNER !
Rest will
remain followers !
Let there be
no doubt
Paytm / MobiKwik / FreeCharge / Itzcash / SBI Buddy and a dozen other Mobile Wallets , are not going to take
it " lying down " from BHIM !
The jury is
out !
===================================================
Today , 4 years down the line, I wonder :
In the TOI advt., ICICI raises following question – and
answers :
Q > So , is
iMobile Pay just a payment app ?
A > No, it’s a banking app too ! You can apply for Personal Loans and Credit
Cards with great offers
So , I hope, someday soon, on my behalf, iMobile will ( without consulting me ) :
Ø # Buy
/ Sell shares for me ( the ultimate / automatic / AI driven Algo-trading ? )
Ø # Keep
re-arranging my FD portfolio ( Wealth
Management )
But than who knows – some startup might do this in 4
MONTHS instead of in 4 YEARS !
===================================================
With regards,
Hemen Parekh / hcp@RecruitGuru.com / 11 Feb 2021
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