ICICI Bank Merchant Stack Services: Due to this COVID-19 Situation, ICICI Bank launches Merchant Stack service for their Retail customer and they can avail of these contactless services, without visiting the bank’s branches as people are advised to stay home and maintain social distancing to avoid contracting coronavirus.
ICICI Bank on Thursday launched a digital and contactless banking platform for merchants. The service, known as ‘Merchant Stack’, is targeted at the over 2 crore retail merchants in the country to render banking services digitally, the second largest private sector lender said in a statement.
“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,” ICICI Bank Executive Director Anup Bagchi said.
ICICI Bank Merchant Stack Services Launched For Retail Merchants
The Merchant stack provides banking solutions including a zero-balance current account, instant credit facilities, ‘digital store management’ facility, loyalty programme, and value-added services like alliances with e-commerce and digital marketing platforms.
Bagchi said the service is an extension of a similar stack for retail customers launched a year ago.
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, Bagchi added.
All retail merchants of ICICI Banks can avail of these contactless services, without visiting branches as people are advised to stay home and maintain social distancing to avoid contracting coronavirus.
Merchants 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 the expansion of online presence.
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