ICICI Bank’s retail mobile banking app, iMobile Pay, has surpassed the milestone of onboarding over one crore customers from other banks. This remarkable achievement, announced today by the bank, marks a significant leap in India’s digital banking landscape.ICICI Bank, a trailblazer in mobile banking since its inception in 2008, made history again in December 2020 by becoming the first bank to open its app to customers of other banks. Since then, iMobile Pay has revolutionized digital banking accessibility, enabling users to link their savings accounts seamlessly, generate UPI IDs, and access a plethora of convenient services including payments, bill settlements, online recharges, and interbank transfers.
The surge in adoption of iMobile Pay has driven a notable 26% increase in transaction value during this financial year (April-February 2024), with an accompanying 16% rise in average transaction size, signaling robust engagement among users.Mr. Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, expressed pride in the app’s impact, stating, “We have consistently aimed to innovate and simplify banking for our customers. The overwhelming response to iMobile Pay underscores its pivotal role in redefining digital banking experiences.”
Since its inception, iMobile Pay has garnered widespread acclaim for its diverse features, with services like UPI transactions, fund transfers, and bill payments emerging as user favorites. Moreover, the app’s user-friendly interface and comprehensive suite of banking solutions have propelled its popularity, with products such as RuPay credit cards, personal loans, and mutual funds witnessing significant demand.
