Reported by: banking|Updated: May 3, 2021
ICICI Bank has introduced ‘Merchant Stack’, a set of the country’s most comprehensive digital banking services specifically targeting the retail merchants. The bank said these value-added services enable 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. The initiative is in-line with the bank’s principle of ‘Business with Care’, it added. Under the services retail merchants can avail of these services, which are contactless, without having to visit the bank’s branches. They can avail of these facilities instantly, on InstaBIZ, the bank’s mobile banking application for businesses. The bank also said ‘Merchant Stack’ contains 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 a new account named, ‘Super Merchant Current Account’, 2 instant credit facilities called ‘Merchant Overdraft’ and ‘Express Credit, both based on POS transactions, and first in the industry, ‘Digital Store Management’ facility to help merchants take their business online, exclusive loyalty rewards program, an industry first feature, and value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence. Anup Bagchi, Executive Director at the bank, said through these trying times of the pandemic, it is the bank’s endeavour to enable the merchants with a digital banking platform that will help them to continue to serve their customers.