Widening its digital offering bouquet, third largest private sector lender Axis Bank has launched the country's first mobile app that combines wallet, shopping, payments and banking capabilities in a single product. Called LIME, this will act as an independent app, empowering any person to open individual, shared mobile wallets and make peer to peer as well as online, offline merchant payments. According to the bank, users can also experience the convenience of in-app shopping that allows them to compare and buy products and services. LIME will enable individuals to open a full-fledged savings account digitally, by completing the KYC process, using their mobile, it added. “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," said Shikha Sharma, MD & CEO, Axis Bank in a statement. Rajiv Anand, group executive & head retail banking, Axis Bank said that given the boom in smartphone ownership across India, people are interacting with their banks digitally. "LIME is an integrated mobile app that offers high customer engagement through new digital and financial behaviour. It offers a connected suite of services designed specifically to address the users’ shopping, payment and banking needs. LIME will change the way people manage their money and set financial goals,” he said. In July, Axis Bank had unveiled Touch ID, a one touch authentication for transactions through its mobile app. The bank has also launched its banking application for Apple Watch. Earlier in May, it had launched Ping Pay, a multi-social payment app in partnership with Fastacash.
Axis Bank has launched a mobile banking app, ‘LIME’, that combines the functionality of a digital wallet, online shopping, e-payments and banking facilities into one product. The product will act as an independent app, which the bank says will empower any person to open individual, shared mobile wallets and make peer to peer as well as online, offline merchant payments. India has one of the largest and most-promising mobile banking population, given its huge numbers of 'unbanked' people, and its status as a developing country.