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ICICI Bank launches ‘Merchant Stack,’ digital banking platform for merchants

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The platform enables merchants to meet their banking requirements seamlessly ensuring smooth functioning amid the pandemic.

ICICI Bank launches ‘Merchant Stack,’ digital banking platform for merchants
ICICI Bank launched today the ‘Merchant Stack’ digital platform, a set of digital banking services for retail merchants. The platform enables merchants to meet their banking requirements seamlessly ensuring smooth functioning amid the pandemic.
The initiative will allow merchants to avail services without visiting the bank’s branches via InstaBIZ, the bank’s mobile banking application for businesses.
“We always believe that the self-employed and the MSME segment forms the backbone of the Indian economy. There are over 2 crore merchants in the country with approximately $ 780 billion in value of transactions in 2020…‘Merchant Stack’ 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’. It is also a continuation of ‘ICICI Stack’ which we launched a year ago to offer retail customers all digital banking services from one platform,” said  Anup Bagchi, of ICICI Bank.
Key features o
f ‘Merchant Stack’ 
  • Super Merchant Current Account: It is a zero-balance account linked to the usage of the Bank’s POS (Point-of-Sale) facilities. It is available in two variants ---Super Advantage and Super Advantage Plus --- to suit the requirements of merchants as per the size of operations.
    • Instant Credit Facilities: The ‘Merchant Stack’ offers two instant credit facilities, based on POS transactions --- both being industry-first initiatives. The first one, called ‘Merchant Overdraft’ empowers pre-qualified merchants with a linked ICICI Bank POS machine to get up to Rs 25 lakh digitally, instantaneously and in a completely online and paperless manner.
    • How to avail the feature 
      Bank customers can download the InstaBIZ app from Google Play Store or Apple App Store. Those who don’t have an ICICI Bank account can avail of the benefits by first opening a zero balance current account using the InstaBIZ app in a digital manner. ‘InstaBIZ’ can also be accessed on the Bank’s Corporate Internet Banking (CIB) platform.
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