Money & Banking

Value of banking transactions via mobiles jumps 90% in January-July

Beena Parmar Mumbai | Updated on January 22, 2018 Published on November 03, 2015

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Touches ₹21,456 cr; ICICI Bank leads the pack

Mobile banking transactions, in value terms, surged a whopping 90 per cent to ₹21,456 crore in the first seven months of calendar year 2015, according to Reserve Bank of India data.

Transaction volumes on mobile phones jumped to 25 million in July 2015 from 16.8 million in December 2014.

ICICI Bank, the country’s largest private lender, occupies the No. 1 spot when it comes to value of transactions, recording transactions worth ₹6,885.36 crore during the period, a rise of nearly 250 per cent from ₹1,982.40 crore in December-end 2014. It was followed by HDFC Bank, Axis Bank and State Bank of India.

In December, HDFC Bank occupied the top slot with transactions worth ₹4,096.79 crore. ICICI Bank’s digital focus, especially mobile banking, has led to 61 per cent of savings account customers transacting on the digital banking (Internet and mobile) platform and less than 10 per cent through branches.

“We had a market share of 32 per cent in mobile banking as on June, 2015,” Chanda Kochhar, ICICI Bank’s MD and CEO said.

While transactions at SBI rose 47 per cent to ₹1,906 crore, HDFC Bank registered a 58 per cent rise to ₹6,461 crore, and Axis Bank doubled it to ₹2,590 crore during the reporting period.

IT spend

Information technology spending by financial institutions is expected to increase by 9.8 per cent to nearly ₹50,000 crore in 2015, according to research firm Gartner. It said, “Indian banking and securities companies will spend ₹49,900 crore on IT products and services in 2015, an increase of 9.8 per cent over the 2014 spend of ₹45,500 crore.”

The firm’s research director Rajesh Kandaswamy said, “The upcoming entry of 11 payments banks and 10 small finance banks will also help bolster the spends on the information technology products and services.”

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Published on November 03, 2015
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