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Private sector lender ICICI Bank on Thursday announced the launch of a comprehensive digital banking service that aims to empower over two crore retail merchants in the country.
Called Merchant Stack, it provides a bouquet of banking solutions and value-added services in ‘one single place’ for the retailer ecosystem.
“The main pillars of the stack are a new account named Super Merchant Current Account; two instant credit facilities called Merchant Overdraft and Express Credit — both are based on POS transactions, Digital Store Management facility to help merchants take their business online; exclusive loyalty rewards programme and value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence,” ICICI Bank said in a statement.
10 lakh customers of other banks using ICICI Bank’s mobile app
On InstaBIZ
The facility will enable merchants — grocers, supermarkets, large retail store chains, online businesses and large e-commerce firms — to meet their banking requirements seamlessly so that they can continue to serve their customers in challenging times during the pandemic, ICICI Bank further said.
Retail merchants can avail of these contactless services without visiting the Bank’s branches, at a time when people are advised to stay home and maintain social distancing. They can avail of these facilities instantly, on InstaBIZ, the Bank’s mobile banking application for businesses.
Banks coming together for new umbrella entity for retail payments
“There are over two crore merchants in the country with approximately $780 billion in value of transactions in 2020. They are expected to grow rapidly in the coming years. Through these trying times of the pandemic, it is our endeavour to enable the merchants with a digital banking platform that will help them to continue to serve their customers,” said Anup Bagchi, Executive Director, ICICI Bank.
The Merchant Overdraft facility would enable pre-qualified merchants with a linked ICICI Bank POS machine to get upto ₹25 lakh digitally, instantly and in a completely online and paperless manner.
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