ICICI Launches ‘Merchant Stack’ for Retail Merchants
ICICI Bank announced the launch of its Merchant Stack, a set of thecountrys most comprehensive digital banking services specially curated for retail merchants.
The array of banking as well as value-added services enables merchants --- grocers, supermarkets, large retail store chains, online businesses and large e-commerce firms--- to meet theirbanking requirements seamlessly so that they can continue to serve their customers in thechallenging times during the pandemic.
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 $780 billion in value of transactions in 2020. They are expected to grow rapidly in the coming years. We have 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', Anup Bagchi, ICICI Bank said.
This initiative is in-line with the Banks principle of 'Business with Care'. Retail merchants can avail of these contactless services, without visiting the banks 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 banks mobile banking application for businesses.
Merchant Stack provides a bouquet of banking solutions and value-added services in onesingle 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 programme, an industry first feature
5) Value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence.
We believe that the Merchant Stack offers the most holistic array of banking and value-addedbanking services for the retail merchant ecosystem. Our research shows that this segmentrequires digital and instant account opening, multiple digital collection options in one place andquick working capital availability, among others. Armed with these insights, we have created afull stack that brings in a host of digital services specially curated for merchants. Further, all ofthe solutions are available on our mobile application, InstaBiz, Bagchi added.
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