ICICI Bank targets Rs.80,000 crore transactions from mobile banking

ICICI Bank on Tuesday said it is planning to grow its mobile banking transactions to Rs.80,000 crore by the end of the current fiscal.

In a statement, the bank said it has already completed transactions worth Rs.16,000 crore in the first quarter of the current fiscal. The same amount featured as the entire transaction volume during the last fiscal.

"The unique payment gateway has allowed the bank to customise the app based on transactional needs. Clearly, the technological investment in upgrading the app has paid off as shopping and merchandise has recorded 700 percent growth in the first quarter alone, when compared against last year," Rajiv Sabharwal, the bank's executive director, said.

It has registered the maximum number of transactions worth over Rs.6,800 crore in July this year. In terms of volume, the bank recorded 53.2 lakh transactions in the same month.

As per the bank, its internet and mobile-based transactions comprise 60 percent of the total transactions.

"Further, over 50 percent of our transactions on mobile are happening beyond the top 20 cities," he added.