On April 29, 2021, ICICI Bank launched ‘Merchant Stack’, a digital banking services as a continuation of its ‘ICICI Stack’, for retail merchants especially for the Micro, Small and Medium Enterprises (MSMEs) and Entrepreneurs.
Objective: To enable the merchants such as grocers, supermarkets, large retail store chains, online businesses and large e-commerce firms to serve their customers continuously under pandemic using contactless banking services.
Important components of ‘Merchant Stack’:
- A new account called – Super Merchant Current Account
- 2 Instant credit facilities based on Point of Sale (POS) transactions – Merchant Overdraft and Express Credit
- Digital Store Management facility to support merchants in online business
- The loyalty rewards programme in alliances with major e-commerce and digital marketing platforms.
InstaBIZ: The benefits of Merchant Stack could be availed by downloading the InstaBIZ app, the app will be accessible on ICICI’s Corporate Internet Banking (CIB) platform also.
Note – The bank has stated the existence of 2 crore merchants in India with ~$780 billion in value transaction in 2020.
Recent Related News:
On January 20, 2021, ICICI Bank launched a mobile app, ‘InstaFX’ that allows authorised money changers, who are the partners of the bank to help customers of any bank to obtain ‘ICICI Bank Forex Prepaid Card’ quickly. Through this app, the forex partners can complete the Know Your Customer(KYC) verification & validation of customers digitally and on a real-time basis. ICICI Bank becomes the 1st bank in India to offer such a facility to the money changer.
About ICICI Bank:
Establishment – 1995(Incorporated in 1994)
Headquarters – Mumbai, Maharashtra
MD& CEO – Sandeep Bakhshi
Tagline – Hum haina, KhayalApka