The lender also aims to provide value-added services like alliances with major e-commerce and digital marketing platforms for expansion of online
ICICI Bank on Thursday launched digital platform ‘Merchant Stack’ to target over 2 crore retail merchants in the country. The platform enables merchants to meet their banking requirements amid the Covid-19 pandemic. The main features include instant credit facilities, zero-balance current account and digital store management, among others.
The bank also said the credit limit for customers will be dynamic, based on the available digital data. Anup Bagchi, executive director, ICICI Bank, said, “There are over 2 crore merchants in the country with approximately $ 780 billion in value of transactions in 2020. They are expected to grow rapidly in the coming years.”
The bank has thus launched the ‘Merchant Stack’, which most importantly offers a range of ‘contactless’ banking services, providing safety to merchants and their customers alike, he added.
Retail merchants can avail of these contactless services, without visiting the bank’s branches, at a time when people are advised to stay home and maintain social distancing. They can avail of these facilities instantly, on InstaBIZ, the bank’s mobile banking application for businesses. The lender also aims to provide value-added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence.