ICICI Bank Says 1 Crore Customers Of Rivals Using Its Mobile Banking App

ICICI Bank on Thursday said 1 crore customers from rival banks are using its interoperable mobile banking application, Imobile Pay.

The second largest private sector lender has allowed customers of other banks to use the app since December 2020, and services like making payments to any UPI ID or merchants, paying bills, recharging online and money transfers are possible.

In a statement, the bank said there has been a 26% growth in the overall transactions value between April 2023 and February 2024 as compared to the same period a year ago, on the mobile app, while the average ticket size increased by 16%.

It can be noted that other lenders also followed suit by making their offerings interoperable. Industry watchers feel offering the experience of using services can be of help in tapping more business through wares like loan products which are also available and also a shift in banking relationships.

ICICI Bank's head for digital channels and partnerships Sidharatha Mishra said 400 services are available on the banking platform.