Icici Bank links InstaBiz to other banks
ICICI Bank announced today that it has made “InstaBIZ” interoperable, making the benefits of its merchant banking mobile application available to all merchants, including customers of other banks.
This first-of-its-kind initiative allows merchants (owners of grocery stores, supermarkets, restaurants, stationery stores and pharmacies) and professionals like doctors and lawyers to instantly create digital collection solutions such as the UPI ID and QR code, and start collecting money from their customers immediately. They can also digitally request a Point of Sale (POS) device. Plus, they can turn their stores into an online store in just 30 minutes and request a voicemail device that confirms receipt of payments.
Any merchant, whether or not they have a current/savings account with ICICI Bank, can benefit from the solutions by simply downloading the “InstaBIZ” app from Play Store and linking their bank account. This initiative includes a fully online and instant Know Your Customer (KYC) process. Merchants do not need to visit a branch or upload any document. The initiative leverages the Bank’s advanced APIs that instantly and digitally validate the PAN/Aadhaar number required for KYC verification.
Speaking on the initiative, Mr. Anup Bagchi, Executive Director, ICICI Bank, said, “At ICICI Bank, we always believe that the self-employed and the MSME segment form the backbone of the Indian economy. A large portion of this segment is made up of retail traders. We strive to support merchants – approximately two crore across the country – by providing solutions that make their business easier. To this end, we were the first to launch “InstaBIZ”, a mobile banking application for businesses, two and a half years ago.
We believe that the benefits of our products and services should not be limited only to our customers; those who do business with others should also benefit. In line with this “open architecture” philosophy of our digital banking platforms, we made “iMobilePay”, our mobile application for personal banking services, available to all individuals last year. This was the first initiative of its kind in the industry. Likewise, we are now excited to extend the ease, speed and security of InstaBIZ to merchants with accounts at any bank nationwide, another industry first. Now, any merchant can instantly benefit from InstaBIZ’s digital collection services and immediately start collecting money from their customers. Merchants also have the advantage of completing their KYC process completely digitally and paperlessly without visiting a Bank branch. We believe this unique new digital offering is resonating with merchants across the country, as it largely frees up their bandwidth to focus on growing their core business. »
Here are the benefits of ‘InstaBIZ’ digital collection services for any merchant:
• Create a UPI instantly: Merchants with a bank account with any bank can download the app, instantly link their bank account, and easily generate a UPI ID. This helps them physically collect in-store payment, home deliveries, and online payments. The facility allows instant payment settlement to the merchant’s account compared to the industry practice of having it credited the next day.
• Create a QR code instantly: Merchants can instantly create and activate a QR code and link it to their account at any other bank. They can then generate digital QR codes with specific amounts and share them digitally with customers on messenger or messaging platforms. They can also take impressions, keep them in their stores, and start collecting payment immediately.
• Apply and manage POS: Merchants can apply for a POS through the app itself and receive it within a day if they are based in major cities. They can digitally place service requests such as withdrawals for paper roll, terminal trouble, EMI activation, international card acceptance, statement request, transaction status, GST invoice, among others, via “InstaBIZ”. They can also track the status of all apps from their POS device itself.
Value added services:
• Create a digital store: The installation allows merchants from any bank to create a digital store on the “EazyStore” mobile application. They can choose from over 500 attractive templates and catalogs to design their digital store. The facility also allows merchants to create promotional campaigns, manage billing, inventory and collections. Digital stores can be created in 30 minutes flat with just four clicks.
• Request UPI Contactless Solutions: Merchants can order counters/plates for UPI payments from the app itself in a few quick and easy steps. They can also request a voicemail device, “EazySound”, to get real-time instant payment confirmation for successful and failed transactions.
• Loyalty Program: Merchants are also offered the “Eazy Rewards Program”, another industry first. Through this, merchants accepting instant cashless payments from customers through the POS/QR solution, earn points for transactions that can be redeemed for purchases, vouchers, vacations, among others.