Mumbai, March 24, 2024: ICICI Bank, a leading financial institution in India, has achieved a significant milestone with its retail mobile banking app, iMobile Pay, crossing over one crore customers from other banks. This achievement comes just over three years after ICICI Bank opened its app for customers of other banks, marking a remarkable stride in the digital banking landscape of the country.
ICICI Bank has been at the forefront of digital banking innovation, pioneering the launch of its mobile banking app in 2008. In December 2020, it took a pioneering step by making the app interoperable, allowing customers of any bank to utilize its services. Since then, customers have been able to seamlessly link their savings bank accounts with iMobile Pay, generate a UPI ID, and access a wide range of convenient services, including making payments to any UPI ID or merchants, bill payments, online recharges, and money transfers to any bank account, payment app, or digital wallet.
The onboarding of over one crore customers from other banks onto iMobile Pay has led to a substantial 26% growth in the overall transaction value during the financial year ending February 2024, compared to the same period last year. Additionally, there has been a noteworthy 16% increase in the average ticket size of transactions during this period.
Mr. Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, expressed his delight at this achievement, stating, "We have consistently aimed to innovate and simplify banking for our customers. The onboarding of over one crore customers from other banks onto iMobile Pay in just three years underscores the app's significant role in providing seamless digital banking experiences."
iMobile Pay has gained immense popularity among users for its diverse features, including UPI transactions, fund transfers, credit card payments, mobile recharges, and bill payments. Notable features such as UPI transfer by using a mobile phone number/UPI ID, scan to pay, bill payments, and balance checks are frequently utilized for repeat transactions. Moreover, the app's popularity is further augmented by features allowing users to view credit card summaries, loan accounts, loan summaries, and create VPAs. Products such as RuPay credit cards, personal loans, NPS, fixed deposits, mutual funds, auto loan top-ups, and credit card upgrades are in high demand among users.
This milestone underscores the wide acceptance and strong engagement that iMobile Pay has received from users across the country, particularly in major metro cities and state capitals.
For more information on iMobile Pay and to download the app, interested individuals can visit the Google Play Store or Apple App Store. Customers of any bank can begin using iMobile Pay by linking their bank account with the app, generating a UPI ID, and initiating transactions.
Contact Information:
ICICI Bank
Phone: 1800 102 4242
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India