wordpress blog stats
Connect with us

Hi, what are you looking for?

Two out of three ICICI Bank customers are mobile first, analysts report

Here are the main data points that show ICICI’s rapid shift to digital, accelerated by DIY services.

Two out of three customers are mobile first, according to an Analyst Day report by ICICI Bank. The report revealed that retail internet banking has taken off in the last 12 months with 90 percent of savings account transactions taking place through digital channels, the report added. ICICI Bank’s native banking and payments app, iMobile Pay, witnessed a 45 percent jump in average ticket size from October 2020 to October 2021. The app registered 4.5 million users who are not customers of ICICI bank whereas the transaction value on the app has gone up by 34 percent since March 2021. The report seen by MediaNama also laid out the plan for transforming iMobile Pay into a super app containing: Payments Cards Personal finance Investments Taxes Loans ICICI Bank is one of the biggest private banks in India and the report offers a view of the inner workings of ICICI and its pivot to digital banking. ICICI Bank bets big on digital payments The report anticipates rapid growth in digital payments predicting that its overall transaction value will touch $1 trillion by 2023 in India. ICICI Bank registered an 89 percent growth in its average monthly transactions count compared to a 74 percent growth in the overall UPI market. Some of its key associations include GPay, PhonePe, MakeMyTrip, WhatsApp, among others. [caption id="attachment_152141" align="alignnone" width="880"] Source: ICICI Bank[/caption] The company revealed that its UPI market share in terms of value was 17 percent with a total value of Rs. 1.5 trillion…

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

I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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