Axis Bank, India’s third-largest private lender, has rolled out a full-fledged mobile app ‘Lime’ that enables shopping, making payments and banking under one window.

In the last few months, ICICI Bank and HDFC Bank, India’s largest and second-largest private banks, respectively, launched integrated mobile-based banking and e-commerce offerings.

Axis Bank’s launch comes soon after the Reserve Bank of India approved 11 licences for payment banks.

On partnerships with payments banks, Shikha Sharma, Managing Director and CEO, Axis Bank, said, “We are very happy to partner and do partnerships wherever there is synergy… But payments are at the core of our business.” ‘Lime’ helps any bank customer to do mobile wallet transactions and ease all his/her online and offline payments. Also, one would be able to compare and buy products and services online. In addition, the entirely mobile-based transactions will enable users to open savings bank accounts and process KYC.

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.

Sharma said, “Lime is targeted at not just Axis Bank customers but at a broader customer base…Customer preferences are changing rapidly and technology is transforming the way these preferences are being met.”

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.

At present, about 47 per cent of Axis Bank customers use the digital channel for banking, and 12-15 per cent mobile banking.

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