Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="48346" type="TECHNOLOGY" weightage="100" keywordseo="Mobile-banking">Mobile banking</keyword> has never been as popular in India and <a href="http://www.businessinsider.in/ICICI-Bank-Caps-Free-ATM-Transactions-To-Five-A-Month/articleshow/45436012.cms">ICICI</a> has emerged the undisputed leader, according to July records. With the maximum number of transactions worth over Rs 6,800 crores and a record 53.2 lakh transactions, it not only leads among private sector banks, it is twice the next bank in the list.
 

	So what are the reasons that drove this success for the <a href="http://www.businessinsider.in/NRI-Investors-Sue-ICICI/articleshow/44972136.cms">21 year old bank</a>? Let’s take you through the journey from its entry into the space to becoming the leader, introducing some of the ‘firsts’ in the space too.
 

	Most important mission
 

	<keyword id="4871617" type="UNKNOWN" weightage="100" keywordseo="iMobile">iMobile</keyword>- The iMobile app of <a href="http://www.businessinsider.in/ICICI-Bank-considers-selling-its-home-finance-arm-for-Rs-4400-crore/articleshow/48016710.cms">ICICI Bank </a>is one of the key drivers for the high value growth in the mobile banking space. 

	 
	 
	 

	According to RBI data, the bank has recorded transactions nearly worth Rs 16,000 crores, in fiscal 2015.
 “As the only bank with a dedicated mobile payments gateway, <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI bank</keyword> has the highest success rate in a mobile banking transaction in the country,” said <keyword id="128186" type="PERSON" weightage="100" keywordseo="Rajiv-Sabharwal">Rajiv Sabharwal</keyword>, Executive Director, <keyword id="42456" type="CITY" weightage="100" keywordseo="ICICI">ICICI</keyword> Bank. 

	The unique payment gateway has allowed the bank to customize the app based on transactional needs. Clearly, the technological investment in upgrading the app has paid off as shopping and merchandise has recorded 700% growth in Q1 alone, when compared against last year. 
 

	Currently, there are nearly 125 services on the mobile banking app.
 

	Prepaid Mobile Recharge and Shopping are the key features of the app that is bringing traffic to it. 
 

	Some of the other features that have been added to iMobile include Forex, buying mutual funds on mobile for wealth customers, adding payee through iMobile for fund transfers 24x7 and personalized pre-qualified loan offers to customers on the platform.
 

	“Our internet plus mobile transactions are 60% of our transactions. Further, over 50% of our transactions on mobile are happening beyond the top 20 cities, which mean that our ability to reach out to customers in a much wider geography is significantly better and it is also flowing from the fact that we have comprehensive services. So, we have not only looked at bigger markets, but also customers in the smaller markets,” added Sabharwal.
 

	The bank has a plan to grow mobile banking transactions to Rs 80,000 crore by end of this fiscal.
 

	First mission
 

	<keyword id="6462705" type="UNKNOWN" weightage="100" keywordseo="pockets">Pockets</keyword>- ICICI Bank introduced India’s first digital bank, Pockets. The digital wallet of Pockets, has over 2.5 million downloads, of which 70% are non-ICICI Bank customers. 
	 
	
 

	First in the world
 

	<keyword id="2987301" type="UNKNOWN" weightage="100" keywordseo="mVisa">mVisa</keyword>- ICICI Bank not only leads the space in India, it has pioneered some world first too. For the first time in the world, ICICI Bank launched a new service for Pockets users, mVisa, a mobile payment solution for consumers and merchants. With this service, users of Pockets can make cashless payments from their smart phones using their debit card by simply scanning a mVisa Quick Response (QR) code at a merchant location without swiping the card at an EDC machine. 
 

	“The <a href="http://www.businessinsider.in/Now-use-your-voice-to-operate-your-ICICI-Bank-account/articleshow/47418147.cms">simplicity of this technology</a> will allow us to address the market gap and enable digital payments for an array of untapped categories such as home deliveries, cab services, and small merchants. We believe these innovative and convenient services will drive more customers to use mobile banking. In fact, already we are seeing that more customers adopt mobile banking than internet banking every month” added Sabharwal.

	 
	 
	 
	(Image credits: Indiatimes, play.google, Twitter, youtube)

How ICICI became the leader of mobile banking in India

<a href="http://www.businessinsider.in/searchresult.cms?query=HDFC+bank&amp;sortorder=effectivedate">HDFC bank</a>, in a bid to get benefitted by the government’s push to <a href="http://www.businessinsider.in/searchresult.cms?query=cashless+economy&amp;sortorder=effectivedate">cashless economy</a>, has drawn up ambitious plans for QR code based payments - a model popularised by <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> - as IndiaQR kicks off. 
 
IndiaQR - a "scan and pay" facility will be unveiled for small shops and traders that do not have the volumes to justify deploying a card swipe machine. 
 The bank has appointed payment tech company <keyword id="4194212" type="UNKNOWN" weightage="20" keywordseo="in-solutions-global">In-Solutions Global</keyword> (<keyword id="1159131" type="ORGANIZATION" weightage="20" keywordseo="ISG">ISG</keyword>) to provide an end-to-end merchant acquiring platform. 
 
Unlike Paytm’s QR code, IndiaQR funds are transferred from the customer's bank account to the merchant's bank account irrespective of the bank. 
 
Charges of 25 basis points have been prescribed by the <a href="http://www.businessinsider.in/searchresult.cms?query=RBI+&amp;sortorder=effectivedate">RBI </a>for debit card transactions up to Rs 1,000 and 50bps for transactions between Rs 1,000 and Rs 2,000 up to March 31, 2017. 
 IndiaQR code is open for all banks. But the industry attention is on <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword>, whose merchants account for bulk of card transactions in the country. <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Bank has also been the most dominant user of mVisa (a proprietary QR code of Visa which will now be replaced by the "open loop" IndiaQR.

Paytm should be worried as HDFC bank unveils its QR code payment method

<keyword id="71696" type="COMPANY" weightage="100" keywordseo="Micromax">Micromax</keyword> Informatics, which was India's second-largest handset company till recently, is bothered due to increasing popularity of <keyword id="2422758" type="UNKNOWN" weightage="100" keywordseo="Chinese-rivals">Chinese rivals</keyword>. To beat the competition, it is now placing its hopes on low-cost feature phones supporting 4G VoLTE calls. 
 
Also read: <a href="http://www.businessinsider.in/watch-out-xiaomi-oppo-salman-khan-is-venturing-into-smartphone-business-with-beingsmart/articleshow/57551174.cms">Watch out Xiaomi, Oppo! Salman Khan is venturing into smartphone business with 'BeingSmart'</a> 
 
The 4G VoLTE feature, which can be accessed only on smartphones, is in <a href="http://www.businessinsider.in/Demand-for-VoLTE-devices-have-jumped-up-thanks-to-Reliance-Jios-4G-launch/articleshow/55177612.cms">great demand</a> since Reliance Jio offered free 4G voice calls. 
 
Also read: <a href="http://www.businessinsider.in/smartphone-trend-to-fade-low-cost-4g-feature-phones-are-going-to-rule-2017/articleshow/57055131.cms">Smartphone trend to fade? Low cost 4G feature phones are going to rule 2017</a> 
 Micromax has gone down from the top to fifth position in the overall rankings in the market. The basic phones, tentatively called <keyword id="4295928" type="UNKNOWN" weightage="100" keywordseo="Bharat-One">Bharat One</keyword>, would be priced under Rs 2,500, while a smartphone with the 4G VoLTE feature, called <keyword id="4297544" type="UNKNOWN" weightage="100" keywordseo="Bharat-Two">Bharat Two</keyword>, is also planned to be launched under $50 (Rs 3,300). 
 
Also read: <a href="http://www.businessinsider.in/free-data-and-voice-calls-this-is-what-vodafone-and-ideaare-doing-to-compete-with-jio/articleshow/57463176.cms">Free data and voice calls! This is what Vodafone and Idea are doing to compete with Jio</a> 
 
Both phones are planned to be launched next month. 
 
"While the VoLTE feature phone could lead to operator tie-ups to push the category and acceptance, the smartphone may have a back-end tie-up with Transerv and MVisa that could enable digital payments," said one of ET sources. 
 
While Bharat One would have touch-and-type capability, it won't run on the Android OS. Its target audience would be those users who want feature phones with an internet connection. 
 
Also read: <a href="http://www.businessinsider.in/Leaving-behind-Apple-and-Microsoft-Mumbai-based-Indus-OS-takes-second-spot-in-smartphone-operating-system-market/articleshow/52162573.cms">Leaving behind Apple and Microsoft, Mumbai-based Indus OS takes second spot in smartphone operating system market</a> 
 
Bharat Two, on the other hand, will run on Android, and would have integrated wallets for digital payment purposes. 
 
(Image source: Firstpost)

You Searched For "mVisa" and got 3 results

How ICICI became the leader of mobile banking in India

Usha Rani Das

Paytm should be worried as HDFC bank unveils its QR code payment method

BI India Bureau

Micromax to launch cheap 4G VoLTE feature phones

BI India Bureau

Popular Keywords

Buying Guides