ICICI Bank makes ‘InstaBIZ’ interoperable; instantly empowers merchants with digital collection solutions
New Delhi: ICICI Bank on Wednesday announced that it has made ‘InstaBIZ’ interoperable, making the benefits of its business banking mobile app available to all merchants including customers of other banks.
The first-of-its kind initiative enables merchants—owners of grocery shops, supermarkets, restaurants, stationery stores and pharmacies-- and professionals like doctors and lawyers to instantly create digital collection solutions like UPI ID and QR code, and start collecting money from their customers immediately.
They can also digitally apply for Point of Sale (POS) device. Further, they can transform their shops into an online store in just 30 minutes, and apply for a voice messaging device that confirms the receipt of the payments.
Any merchant, no matter it has a current/savings account with ICICI Bank or not, can avail the solutions by simply downloading the ‘InstaBIZ’ app from Play Store and link their bank account. This initiative features a completely online and instant Know Your Customer (KYC) process. Merchants do not need to visit any branch nor upload any document. The initiative leverages upon advanced APIs of the Bank that instantly and digitally validate PAN/ Aadhaar number which is required for verification of KYC.
Speaking on the initiative, Anup Bagchi, Executive Director, ICICI Bank said, “We at ICICI Bank 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. It is our endeavour to support merchants—around two crore across the country-- by offering them solutions that make their business easy. With this aim, we were the first to introduce ‘InstaBIZ’, a mobile banking app for businesses, two-and-a-half years ago.