India-based banking group ICICI Bank announced on Thursday the launch of its digital and contactless banking platform for merchants, Merchant Stack. According to ICICI Bank, Merchant Stack provides a bouquet of banking solutions and value-added services in ‘one single place for the retailer eco-system. The main pillars of the stack are:
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A new account named, Super Merchant Current Account - Two instant credit facilities called ‘Merchant Overdraft’ and ‘Express Credit ; both are’ based on POS transactions
- Digital Store Management facility to help merchants take their business online
- Exclusive loyalty rewards program
- Services like alliances with major e-commerce and digital marketing platforms for expansion of online presence
While sharing more details about the launch, Anup Bagchi, Managing Director and CEO of ICICI Bank, stated:
“We believe that the ‘Merchant Stack’ offers the most holistic array of banking and value-added banking services for the retail merchant ecosystem. Our research shows that this segment requires digital and instant account opening, multiple digital collection options in one place and quick working capital availability, among others. Armed with these insights, we have created a full-stack that brings in a host of digital services specially curated for merchants.”
The launch of Merchant Stack comes less than two months after ICICI Bank announced as many as one million customers of other banks have started using its banking app, iMobile Pay. ICICI reported to start using iMobile Pay, customers of any bank may link their bank account with the app, generate a UPI ID, and start paying to any UPI ID or merchants, pay bills, do online recharges, and transfer money to any bank account, payment app, and digital wallet.