India’s second largest private lender, ICICI Bank has launched Merchant Stack offering comprehensive digital and contactless banking platform for merchants. It aims to empower over 2 crore retail merchants in the country with seamless banking services digitally.
The services are as value added services enabling merchants – grocers, super markets, large retail store chains, online businesses and large e-commerce firms to meet their banking requirements seamlessly. It said, “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.”
It provides a bouquet of banking solutions and value-added services in one single place for the retailer eco-system.
Anup Bagchi, ICICI Bank said, “We always believe that the self-employed and the MSME segment forms the backbone of the Indian economy. A large part of this segment consists of retail merchants. 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.”
Bagchi adds, “Through these trying times of the pandemic, it is our endeavour to enable the merchants with a digital banking platform that will help them to continue to 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. This new offering is part of our guiding principle of ‘Business with Care’. It is also a continuation of ‘ICICI Stack’ which we launched a year ago to offer retail customers all digital banking services from one platform.”