Mumbai: ICICI Bank’s retail mobile banking app, iMobile Pay, has achieved a milestone with over one crore customers from other banks registering themselves on the app.
The development comes within just three years of its launch.
The app’s interoperability, introduced in December 2020, allowed customers of any bank to seamlessly utilize iMobile Pay through simple linkage of their savings account and UPI ID generation.
This move has resulted in a 26% growth in the overall transaction value in the ongoing financial year till February 2024 compared to the previous year.
Mr. Sidharatha Mishra, the Head of Digital Channels and Partnerships at ICICI Bank, said that iMobile Pay has over 400 range of services, including UPI transactions, fund transfers, credit card payments, mobile recharges, and bill payments.
The regulator has been pushing for banks and fintechs to grow the number of third-party users to prevent UPI payments from becoming a duopoly.
Currently, PhonePe and Google Pay have a lion’s share of UPI payments in the country.
