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ICICI Bank now has 13 million virtual addresses on the UPI

ICICI Bank has 13 million virtual payment addresses (VPAs), which were generated on its mobile applications, at the end of the quarter ended March 31, 2018 (Q4FY18). The VPAs were created through iMobile (exclusively for ICICI Bank customers), Pockets wallet (open to non-bank customers as well), and other partner platforms.

The bank hadn’t disclosed the number of merchants it acquired over its mobile payments application EazyPay this quarter. In the previous quarter (Q3FY18), the bank had mentioned that it acquired 158,000 merchants through the EazyPay application.

The bank does not give information on the number of transactions which it processes or the value of the transactions. It is also unclear how many VPAs are active at the moment. However, the number of merchants it acquires is significant as banks are allowed to charge merchants a higher fee than compared to P2P payments on the Unified Payment Interface (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.

It’s worth noting that the UPI saw an increase of 4% in the total transaction volumes taking place between February and March 2018, according to data published by the National Payments Corporation of India (NPCI). The total number of transactions in March 2018 were around 28.9 times higher than in the same month last year. The amount transacted in March 2018 was 10 times higher than in the corresponding month last year. In March, the number of transactions and amount transacted occurred per day, as a result, were at their highest peak. More here.


Its various digital channels, such as Internet, mobile banking, and POS, including touch banking, phone banking and debit card transactions at e-commerce platforms, together accounted for about 82% of all the savings account transactions in the January-March 2018 period, as compared to 75% in the corresponding period in FY17.

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The bank said that it on-boarded over 250 corporates on its blockchain platform for domestic & international trade finance.


The number of ICICI Bank debit card transactions at point-of-sale terminals increased by 25% in FY2018.  Average monthly debit card transaction volume for the year stood at Rs 3.21 crore.

While the number of ICICI Bank credit card transactions increased by 26% in FY18, the average monthly credit card transaction volume for the year stood at Rs 1.57 crore.

Digital initiatives

  • Insta personal loans and Insta credit cards launched for preapproved customers
  • Online instant opening of small savings accounts such as PPF and NPS
  • Software robotics deployed in over 750 business process functions, 2 million transactions performed daily by software robots
  • 1.2 million queries per month handled by AI powered chatbot iPal
  • 37% overall reduction in live chats

Download: Presentation | Performance Review

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