Leaving its peers behind in terms of highest number of mobile transactions, India’s largest private sector lender— ICICI Bank has recorded mobile transactions worth Rs 6,885.36 crore in July, higher than any other bank.
According to the Reserve Bank of India (RBI) statistics, the private sector bank had also posted highest amount of transactions through mobile at Rs 6,160.18 crore in June this year too.
Prior to this, the top slot of highest number of mobile transactions was occupied by the HDFC Bank followed by Axis Bank and then State Bank of India. Sources said ICICI Bank’s aggressive growth in the mobile banking arena is in line with its ambitious target of expanding its mobile banking transactions fivefold in FY16, compared with the previous financial year.
In FY2015, transactions worth Rs 16,000 crore were recorded via the bank’s mobile banking platform, which the lender wants to grow to Rs 80,000 crore in FY16.
Rajiv Sabharwal, executive director at ICICI Bank said that considering the surging volume of transactions through mobile phones, the bank would certainly achieve this number as it had seen a jump both in value and volume of transactions.
“The total amount of transactions ICICI Bank recorded in the last financial year has been achieved in the first quarter of FY16. There are a lot of new customers onboarding every month. In fact, a majority of the transactions are happening beyond the top 20 cities,” he said.
Notably, the bank is at the forefront in rolling out several new initiatives, including unveiling of a all new mobile banking app, online paperless account opening for non-resident Indian customers in the US and remittances through Facebook. Apart from the surge in customers’ base, a huge number of new customers are switching to mobile banking.
He added the average ticket size of the transaction now stands at Rs 13,000 and 62 per cent of the transactions are happening via internet and mobile.
“Our mobile banking platform would be upgraded and we also want to introduce a single click shopping and other things,” the executive director added.