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ICICI Bank now has 3.3 million virtual addresses on the UPI

ICICI Bank, the largest private sector lender, now has 3.3 million Virtual Payment Addresses (VPAs) generated from its mobile applications. The bank has also acquired Unified Payments Interface (UPI) 130,000 merchants through its EazyPay application, at the end of the June quarter.

The UPI saw a 12% growth in the total transaction volumes taking place between June and July 2017. The Number of transactions grew by 1.28 million in July 2017 whereas the total amount transacted increased by, up by Rs 313 crores. In June 2017, volume had increased by 1.19 million and amount transacted had grown Rs 333.05 crores.

Note that the bank does not give information on the number of transactions which it processes or the value of the transactions. It is also unclear what VPAs are active at moment. Readers are reminded that banks are allowed to charge merchants a higher fee than compared to P2P payments on the UPI. 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.

The UPI can be accessed through ICICI Bank ‘ mobile banking application and Mera iMobile app (which supports Indic languages). Earlier this year, 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.

Card payments

The number and the value of debit card transactions at point-of-sale (POS) terminals increased by 81% and 83% respectively in Q1 FY17, Chanda Kochhar, managing director and CEO of the bank said in an analyst call. Credit card transactions increased year-on-year by 49% and 52% in terms of number and value respectively in Q1-2018.

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