ICICI Bank creates a dedicated payment gateway for mobile banking

In Banking and Finance
July 8, 2015

India’s largest private sector bank, ICICI, has created a dedicated payments gateway for the mobile banking transaction. This system will enable much faster transactions for its customers. This system will attract more customers for mobile banking than for internet banking. The bank has been adding 3 lakhs new mobile banking customers every month. By the end of 2015, the ICICI bank will have 1 crore mobile banking customers.

The new app – iMobile – would allow the bank’s customer to pay to contacts on the mobile phone, withdraw cash without having card, view integrated details of all accounts in the app and receive alerts from Google Now. The bank has 50 lakh active mobile banking customers which includes all customers who use different mobile apps of ICICI Bank such as e-wallet called Pocket, SMS banking and iMobile.

Mobile banking has picked up pace in India with smartphone and internet access becoming cheaper. The transactions done on mobile banking touched Rs 1,035.30 bn for fiscal year 2014-15 as against Rs 224.18 bn a year ago. The mobile banking transaction for ICICI Bank almost doubled to Rs 5342 crore in the month of April 2015 over previous month.