Mobile banking transactions rise 3-fold in Jan 2013

Indian consumers seem to have increased the use of mobile banking for buying tickets, pay bills, shop online, and transfer funds as value of these transactions increased three-fold to Rs 625 crore during the January 2013 from Rs 191 crore in January 2012.

The data provided by a leading media agency showed that the number of such transactions also doubled to 5.6 million in January 2013 from 2.8 million a year ago.

ICICI Bank, which leads the mobile banking services in India with the largest share, said it saw a 100 per cent growth in the number of people using mobile banking in the past one year. It also said that its number of transactions rose by 300 per cent during the period.

India's largest private sector lender said it is also using its vast network of 10,000 ATMs and close to 3,000 branches to reach out to customers and communicate with them about bank's advanced mobile application iMobile.

ICICI Bank has tied up with various services providers across the country to offer discounts to customers on their products and services. It has also tied up with different billers to allow customers make bill payments easily through mobile phone.

Read more about: mobile
Story first published: Friday, April 12, 2013, 14:30 [IST]
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