Chennai, Sep 11 (IANS): Axis Bank on Friday launched LIME, a mobile phone application offering wallet, shopping, payments and banking facilities.

In a statement, the bank said LIME will be an independent application enabling any person to open individual, shared mobile wallets and make seamless peer to peer as well as online, and offline merchant payments.

The software application also enables the users to compare and buy products and services.

LIME will enable individuals to open a full-fledged savings account digitally, by completing the "know your customer" (KYC) process, using their mobile.

"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," bank MD and CEO Shikha Sharma was quoted as saying in the statement.

"Given the boom in smart phone 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 behaviours," said retail banking head Rajiv Anand.