ICICI Bank’s iMobile Pay has achieved a monumental feat, attracting over one crore customers from rival banks. This milestone, disclosed by the bank today, underscores the app’s pivotal role in reshaping India’s digital banking landscape.
ICICI Bank, renowned for its pioneering strides in mobile banking since 2008, shattered barriers in December 2020 by opening up iMobile Pay to customers of other banks. Since then, the app has emerged as a beacon of accessibility, empowering users to seamlessly link their savings accounts, generate UPI IDs, and access an array of convenient services, including payments, bill settlements, and interbank transfers.
The surge in iMobile Pay adoption has translated into a substantial 26% uptick in transaction value this financial year (April-February 2024), accompanied by a noteworthy 16% increase in average transaction size, indicating robust user engagement.Mr. Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, hailed the achievement, stating, “We’ve consistently aimed to innovate and streamline banking for our customers. The overwhelming response to iMobile Pay underscores its pivotal role in revolutionizing digital banking experiences.” From UPI transactions to fund transfers, the app’s user-friendly interface and comprehensive suite of banking solutions have garnered widespread acclaim, with products such as RuPay credit cards and personal loans witnessing heightened demand.
