To target the country’s two crore retail traders, the ICICI Bank launched on Thursday the ‘Merchant Stack’ digital platform. In the case of the novel Coronavirus pandemic, the platform allows traders for their banking needs.
The main features are instant credit, zero balance, and digital storage management. The Bank has also stated that the credit limits of customers are dynamic, based on the digital data available.
“There are over two crore merchants in the country, with a transaction value of approximately $ 780 billion in 2020,” says Anup Bagchi, Executive Director of ICICI Bank.
As a result, the Bank has launched the ‘Merchant Stack,’ which supplies merchants and their customers with a range of ‘contactless’ banking services, he said.
If retailers are advised to stay at home and maintain a social distance without visiting the Bank’s subsidiaries, they can benefit from these contactless services. InstaBIZ, the Bank’s mobile banking app for businesses, you can use these products immediately.
The loan provider is also committed to providing value-added services to expand its online presence, for example, alliances with significant e-commerce and digital marketing platforms.