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…
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