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ICICI Bank Launches Dedicated Mobile Payment Gateway

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Published on : Jul 07, 2015

ICICI Bank has launched a new separate payment gateway for the mobile banking transaction which will help in faster transactions. The move can be attributed to the bank’s larger customer base for mobile banking. While launching the mobile banking app, ICICI Bank’s executive director Rajeev Sabharwal said that presently the bank is gaining around 3 lacs new mobile banking customers every month and 5 lacs customers combined through mobile and internet banking every month. He is hopeful that by the end of the year, the mobile banking database of customers would reach 1 crore, achieving a significant milestone in the Indian banking industry. 

With the increasing usage of smartphones among the users due to the cheaper internet access, mobile banking has become popular. In the financial year 2014-2015, the transactions through mobile banking were worth Rs 1,035.30 billion. There has been a significant increase in the number of mobile banking transactions as the last year witnessed transactions worth Rs 224.18 billion.

Sabharwal mentioned that on the bank’s part, setting up a digital channel is less than one-tenth of the cost of setting up a physical channel. ICICI Bank has around 40590 branches across India. But more than 60% of the banking transactions are being completed through the internet banking and mobile banking channels. The average amount of transaction through mobile banking is around Rs 5000. 

The new mobile app- iMobile will let the customers to pay to the contacts saved on the mobile phone, withdraw cash without card through integrated details of all accounts in the app, and receive alerts from Google Now. 50 lacs active mobile banking customers of the bank use apps such as iMobile, Pocket, and SMS banking. According to the data released by the Reserve Bank of India, the mobile banking transaction for ICICI Bank reached Rs 5342 crore in April 2015.