ICICI Bank’s iMobile Pay is used by over one crore customers from other banks
Mumbai,22nd, 2024: 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.