ICICI Bank’s iMobile Pay is used by over one crore customers from other banks
March 21, 2024
Mumbai: ICICI Bank announces that its retail mobile banking app, iMobile Pay, has on-boarded over one crore customers of other banks. This significant achievement comes just over three years after ICICI Bank made the app open for customers of other banks.
ICICI Bank was the pioneer in launching mobile banking app in 2008, expediting the way for digital banking in India. In December 2020, it became the first bank to make the app interoperable by extending the benefit of its services to customers of other banks. Since then, customers of any bank can use iMobile Pay by following a few simple steps: link their savings bank account with the app, generate a UPI ID and enjoy a wide range of convenient services. These include making payments to any UPI ID or merchants, paying bills, recharging online and transferring money to any bank account, payment app and digital wallet. Further, users can also open a savings account, apply for a home loan or credit card among other banking services provided by ICICI Bank.
With over one crore customers of other banks using iMobile Pay, there has been 26% growth in the overall transactions value in this financial year till the end of February 2024 (April- February), compared to the same period last year. During this period, the average ticket size increased by 16%.
Commenting on this remarkable achievement, Mr. Sidharatha Mishra, Head- Digital Channels and Partnerships, ICICI Bank stated, “We have consistently aimed to innovate and simplify banking for our customers. The fact that our retail banking app has on-boarded over one crore customers from other banks in just three years is a testament to iMobile Pay’s significant role in providing seamless digital banking experiences. With iMobile Pay, we are revolutionising the way customers manage their finances and conduct transactions. We have built a simple, seamless, secure, and accessible banking platform that offers over 400 services, anytime and anywhere. We are thrilled to witness the widespread adoption and eagerly look forward to enhancing users' banking convenience through continuous innovations.”
Since its launch, iMobile Pay has gained immense popularity among users for its diverse features. Services like UPI transactions, fund transfers, credit card payments, mobile recharges, and bill payments are most used by users. In addition, features like UPI transfer by using a mobile phone number/UPI ID, scan to pay, bill payments, and check balance are frequently used for repeat transactions. Further, the value of their transactions have also increased with each visit by users. Other notable features including viewing credit card summaries, loan accounts, loan summaries and creating VPAs also contribute to the app’s popularity. Products like RuPay credit card, personal loan, NPS, fixed deposits, mutual funds, auto loan top-up and credit card upgrade are of great demand to 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, visit the Google Play Store or Apple App Store.
To start using ‘iMobile Pay’, customers of any bank can link their bank account with the app, generate a UPI ID and begin transacting.
For news and updates, visit www.icicibank.com and follow ICICI Bank on Twitter at www.twitter.com/ICICIBank.
For media inquiries, please contact corporate.communications@icicibank.com
About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at ₹ 17,83,222 crore at December 31, 2023.
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov
