ICICI Bank launched the digital platform ‘Merchant Stack’ on Thursday intending to reach over 2 crore retail merchants in the country. The platform allows merchants to fulfill their banking needs amid the Covid-19 pandemic.
The variety of banking and value-added services enables retailers, grocers, megastores, large retail store chains, online companies, and large e-commerce firms to fulfill their banking needs seamlessly and continue to support their customers throughout the pandemic.
Among the main features are instant credit facilities, a zero-balance current account, and digital shop management. The bank also stated that consumer credit limits would be dynamic, based on available digital data.
According to Anup Bagchi, executive director of ICICI Bank, “there are over 2 crore merchants in the nation with roughly $ 780 billion in transaction value in 2020.” In the coming years, they are expected to rise rapidly.”
As a result, the bank has launched the ‘Merchant Stack,’ which provides a variety of ‘contactless’ banking services to merchants and their customers alike, he said.
The ‘Merchant Stack’ offers a variety of banking solutions and value-added services to the retailer eco-system in a centralized location. The stack’s key pillars are 1) a new account called “Super Merchant Current Account”; 2) two instant credit facilities called “Merchant Overdraft” and “Express Credit”; both are focused on POS transactions and are industry firsts. 3) a ‘Digital Store Management’ facility to assist merchants in expanding their online presence; 4) an exclusive loyalty rewards program, an industry-first feature; and 5) value-added services such as partnerships with major e-commerce and digital marketing networks to help merchants expand their online presence.
At a time when people are urged to stay at home and maintain social distance, retail merchants can take advantage of these contactless services without visiting bank branches. They can access these services immediately via InstaBIZ, the bank’s mobile banking application for companies. The lender also intends to provide value-added services such as partnerships with major e-commerce and digital marketing platforms to expand its online presence.