ICICI Bank recently announced the launch of its ‘Merchant Stack’, a set of the country’s most comprehensive digital banking services specially curated for retail merchants.
This initiative is in-line with the Bank’s principle of ‘Business with Care’ retail merchants can avail of the contactless services, many of them being first-in-the-industry, 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.‘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 1. a new account named, ‘Super Merchant Current Account’; 2. two instant credit facilities called ‘Merchant Overdraft’ and ‘Express Credit ; both are’ based on POS transactions, and first in the industry 3. ‘Digital Store Management’ facility to help merchants take their business online; 4. exclusive loyalty rewards program, an industry-first feature; 5. value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence.