ICICI Bank had 2.4 million accounts linked to virtual payment addresses (VPAs) using the bank’s applications, CEO and MD Chanda Kochhar said in an analyst call. The bank added that it has also added 64,000 merchants on the Unified Payments Interface (UPI).

Note that ICICI Bank had launched a payments collection app for offline merchants and retailers called Eazypay which will allow customers to pay via UPI, cards, net banking. Remember that banks have been tying up with payment gateway aggregators to get access to more merchants. Typically, there is a revenue sharing agreement with banks when a merchant does a UPI transaction (20 basis points as it is in the case with Razorpay). Note on the UPI, banks are allowed to charge a merchants a higher fee than compared to P2P payments. However, it is unclear if the merchants being onboarded are from payment gateway providers or from EazyPay.

Provisional data from the Reserve Bank of India (RBI) showed that the volume of UPI transactions in the month of January was 4 million with total value of Rs 1,650 crore.

Card usage during demonetization: Predictably, debit card usage at POS machines shot up 128% during the quarter. Transaction volume for October was 20.46 million, November was 30.6 million and December was 46.6 million. The value of transactions increased by 100%.

Credit card transaction count on POS terminals increased by 36%1 and the value increased by 5%. Transaction volume was 11.69 million in October, 13.6 million in November and 15.9 million in December.

There are currently over 700 million debit cards in circulation in the country and ICICI Bank accounts for over 35.53 million cards. The bank also has over 4.062 million credit cards out of 27.35 million credit cards in the country (as of October 2016).

Net and mobile banking usage:  The bank’s flagship mobile banking application, iMobile, saw its activation rate increased by 118%. The transaction value increased by 34% during the quarter. The number of transactions (volume) was 11.48 million in October, 13.3 million in November and 17.42 million in December.

Net banking transactions in October stood at 14.2 million, 14.44 million in November and 16.93 million in December. The activation of internet banking by customers in December 2016 almost doubled compared to October 2016.

Electronic toll collection: ICICI Bank has implemented RFID tags at 350 toll plazas in the country for toll collection. The bank reported transactions of around Rs 890 million in December 2016, double compared to October 2016.

Download: Presentation | Opening remarks in analyst call