ICICI Bank launches Merchant Stack, offering curated digital banking services to retail merchants, BFSI News, ET BFSI

ICICI Bank announced the launch of its ‘Merchant Stack’, a set of digital banking services specially curated for retail merchants. Merchants —- grocers, supermarkets, large retail store chains, online businesses and large e-commerce firms can meet their banking requirements seamlessly so that they can continue to serve their consumers during the pandemic’s difficult times. This initiative is in line with the Bank’s ‘Business with Care’ principle. Retail merchants can avail these contactless services without visiting the Bank’s branches. They can use these services right away via InstaBIZ, the Bank’s mobile banking application for businesses.

Merchant Stack offers a variety of banking solutions and value-added services at one single place curated for the retailer eco-system. The stack’s key pillars are 1) a new account called “Super Merchant Current Account”; and 2) two instant credit facilities called “Merchant Overdraft” and “Express Credit,” both of which are focused on POS transactions and are industry firsts.) ‘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.

Anup Bagchi, ICICI Bank, on the launch, said, “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. During these difficult times of the pandemic, it is our endeavour to enable the merchants banking platform that will help them to continue 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. It is also a continuation of ICICI Stack, which we introduced a year ago to provide all digital banking services to retail customers on a single platform.”

Furthermore, the Bank offers ‘Express Credit,’ which allows for immediate settlement of POS transactions. It provides greater convenience because retailers can immediately access funds, as compared to the industry practice of waiting a few days for credit for transactions made at POS machines.