Axis Bank gives new boost to payment banking, launches Lime app

Axis Bank has launched an app, Lime that helps you to do mobile wallet transaction and ease all your online and offline payments. Also, one would be able to do compare and buy products and services online. What’s more interesting is, the entirely mobile based transactions will enable users to open savings bank account and process KYC – all through the mobile.

First initiated by Federal Bank of India, online opening of bank account will certainly be the best bait to lure customers.

With Lime, users can compare products across online shopping portals and shop within the app. Also, users can book flights, bus tickets, movies and plan vacations without leaving the app. The payment functionalities in the app allow users to do proximity payments at offline merchants through mobile & sound.

Besides, this app will let one save smart. With Piggy Bank feature, users can invest directly into a high yield deposit through the app.

Commenting on the launch, Ms. 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."

This launch comes soon after the Reserve Bank of India (RBI) has approved licenses for payment banks for third party transactions.