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…
- Petition in Madras HC Seeks to Restrict Minors from Online Gambling Sites and Apps November 30, 2022
- Online filing of consumer complaints mandatory from April 2023 November 30, 2022
- DPDP Bill, 2022: Experts Say Withholding Public Feedback Is Problematic, Call For Improved Consultations November 30, 2022
- India’s central bank launches pilot of e-Rupee for retail segment: Here’s everything to know November 29, 2022
- Event Announcement: Reworking the Data Protection Bill, Delhi, 8th Dec #Ad November 29, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
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...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...