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ICICI Bank launches digital service for retail
merchants, offers credit
Lender says it aims to provide services in ‘one single place’ to more than 20 million retail merchants.
ICICI Bank on Thursday launched digital banking services for
more than 20 million retail merchants in the country. “Merchant
Stack” will provide grocers, supermarkets, large retail store chains,
online businesses, and large e-commerce firms with an array of
banking services in ‘one single place’. The private lender said its
research showed the retail merchant segment needs services
such as digital and instant account opening, multiple digital
collection options, as well as instant working capital availability in
one place quick working capital availability, among other things.
The services include “Super Merchant Account”, which is a zero
balance account linked to the usage of the bank’s POS (Point-of-
Sale) facilities, two instant credit facilities called ‘merchant
overdraft’ and ‘express credit’, ‘digital store management’ facility to
help merchants take their business online. All these services will
be available on the bank’s mobile application “InstaBiz”.
“There are over 20 million 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 endeavor to enable the
merchants with a digital banking platform that will help them to
continue to serve their customers,” said Anup Bagchi, Executive
Director of ICICI Bank….