Mumbai: ICICI Bank today announced the launch of its ‘Merchant Stack’, a set of the country’s most comprehensive digital banking services specially curated for retail merchants. The array of banking as well as value-added services enables merchants — grocers, super markets, 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 the challenging times during the pandemic.
Retail merchants can avail of these contactless services on InstaBIZ, the Bank’s mobile banking application for businesses.
Commenting on the launch, Mr. Anup Bagchi, ICICI Bank said, “We always believe that the self-employed and the MSME segment forms the backbone of the Indian economy. A large part of this segment consists of retail merchants. There are over 2 crore merchants in the country with approximately USD 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. We have thus launched the ‘Merchant Stack’, which most importantly offers a range of ‘contactless’ banking services, providing safety to the merchants and their customers alike. This new offering is part of our guiding principle of ‘Business with Care’. It is also a continuation of ‘ICICI Stack’ which we launched a year ago to offer retail customers all digital banking services from one platform.
‘Merchant Stack’ provides a bouquet of banking solutions and value-added services in ‘one single place’ for the retailer eco-system. The main pillars of the stack are 1) a new account named, ‘Super Merchant Current Account’; 2) two instant credit facilities called ‘Merchant Overdraft’ and ‘Express Credit ; both are’ based on POS transactions, and first in the industry 3) ‘Digital Store Management’ facility to help merchants take their business online; 4) exclusive loyalty rewards programme, an industry first feature; 5) value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence.
Any merchant can enjoy the benefits of the ‘Merchant Stack’ by simply downloading the InstaBIZ app from Google Play Store or Apple App Store. Merchants, who are not the customers of the Bank, can also avail the benefits of the stack by instantly opening a zero balance current account using the InstaBIZ app in a digital manner. ‘InstaBIZ’ can also be accessed on the Bank’s Corporate Internet Banking (CIB) platform.