wordpress blog stats
Connect with us

Hi, what are you looking for?

ICICI Bank now has 15.4 million virtual addresses on UPI

ICICI Bank has 15.4 million virtual payment addresses (VPAs), which were generated on its mobile applications, at the end of the quarter ended June 30, 2018 (Q1FY19). 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 or the last. The last time it gave this number was in Q3FY18, when the bank said that it acquired 158,000 merchants through the EazyPay application. The bank does not give information on the number of transactions 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. In this context, it is worth noting that although UPI saw an increase of 30% in the total transaction volumes between May 2017 and June 2018,  the number of transactions declined for the first time in May 2018. Going forward, UPI numbers may fall again given that the government has withdrawn multiple incentives for both merchants and customers alike for making transactions using UPI transactions. Further, the National Payments Corporation of India…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ