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ICICI Bank says it has 3 million virtual addresses on the UPI

ICICI Bank says that it now has more than 3 million Virtual Payment Addresses (VPAs) generated from its mobile applications and has acquired Unified Payments Interface (UPI) 110,000 merchants through its EazyPay application, at the end of the March quarter. However, it did not provide details on how many UPI transactions is happening from the bank.

However, RBI data showed the volume of UPI transactions in the month of April was 6.9 million with total value of Rs 2200 crore. This stood at 6.2 million in March but the value of these transactions were Rs 2,390 crore

Last quarter, ICICI Bank said that it had 2.4 million accounts linked to VPAs using the bank’s applications. The bank added that it has also added 64,000 merchants on the UPI. Note on the UPI, banks are allowed to charge merchants a higher fee than compared to P2P payments. The merchant discount rate (MDR) — the fee borne by the seller to provide services—is 0.25% for payments below Rs 1,000 and 0.65% for all other charges.

ICICI Bank EazyPay is a payments collection app for offline merchants and retailers called which will allow customers to pay via UPI, cards, net banking.

Last month, ICICI Bank and Truecaller integrated UPI payments via a tab on the app called Truecaller Pay. With this, Truecaller users will be able to create VPA and recharge mobile number from the app itself. All the banking and transaction data of the customers is handled by ICICI Bank as per RBI guidelines.

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Card payments

The number and the value of debit card transactions at point-of-sale (POS) terminals increased by 75% and 66% respectively in FY2017, Chanda Kochhar, managing director and CEO of the bank said in an analyst call. Note the bank mentioned that its fee income grew by 10.5% year-on-year in Q4 of 2017 and 7.2% year-on-year in FY2017.  Retail fees for debit cards and credit cards contributed signifcantly, Kochhar said.

However, the number of debit card transactions showed signs of slowing down in the January-March quarter. The volume of debit card transactions stood at 33.8 million in the quarter compared to 38.6 million in the November-December period. The value of these transactions stood at Rs 4,753 crore in the quarter compared to Rs 5,323 crore. This could be attributed to the increased availability of cash in the economy following demonetization.

 

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