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ICICI Bank launches 'Eazypay', mobile app for merchants to accept payments

ICICI Bank launches 'Eazypay', mobile app for merchants to accept payments

| | 27 Dec 2016, 07:23 pm
Mumbai, Dec 27 (IBNS): ICICI Bank, a private sector bank by consolidated assets, on Tuesday announced the launch of 'Eazypay', a mobile application to enable merchants, retailers and professionals to accept instant cashless payments on mobile phones from their customers through multiple digital modes.

‘Eazypay’ offers customers the improved convenience of paying by using their mobile phone through Unified Payment Interface (UPI), any credit / debit card & internet banking, and ‘Pockets’, digital wallet of ICICI Bank.

Any current account holder of ICICI Bank can instantly download ‘Eazypay’ app and start using it.

A non-customer of ICICI Bank can also use the app after opening a current account with the bank. The app is available on smartphones with Android operating systems. It will be shortly available for smartphones using the iOS operating system.

Chanda Kochhar, MD & CEO, ICICI Bank said, “Since the announcement of the demonetisation, we have proactively undertaken various measures to accelerate the shift to a digital economy. ‘Eazypay’ is yet another initiative to fulfill the vision of Digital India. I believe that the Eazypay mobile application is a path-breaking concept as it facilitates millions of merchants, retailers and professionals across the country to accept digital payments from various modes on a single mobile application."

"I believe this application will have broad base usage as it allows merchants to collect any amount digitally without any hassles of a daily or monthly limit on collection. Additionally, it can be used by upto 30 employees of a merchant simultaneously to collect payment on their mobile phones at multiple counters ‘in-the-store’ as well as ‘on-the-go’ like home deliveries. The money collected through this app directly goes to the current account of the merchants and professionals. Our existing customers do not need to visit a branch or submit any document for using the app,” she said.

An illustration of the two steps to register for the mobile payment collection solution:

1.      Download ‘Eazypay’ application on the smartphone having the mobile number that is registered with ICICI Bank. The application automatically fetches information of ICICI Bank Current Accounts linked to the mobile number. The user can select the default Current Account for receiving payments. There is no requirement to submit any documents or visit the bank branch.

2.    Create an MPIN to login into Eazypay. Also user has to create their UPI ID for accepting payments through UPI. The UPI ID acts as a financial address for receiving money, without having to reveal your 16 digit bank account number and the 11 digit IFSC code.

Once downloaded, merchants can immediately begin to accept payments on the app over the counter. It is also possible to collect money in situations like home delivery of goods/services,telesales and payment-on-delivery options by e-commerce companies where the buyer and the seller are not physically present in the same location.

The seller can raise an invoice in the app by simply entering the amount, selecting the preferred mode of payment by the buyer along with the buyer’s mobile number or VPA for UPI based payments. Thereafter, upon getting a notification on SMS, the buyer can simply enter his/her details to pay through credit / debit card / net banking or Pockets. For payment using UPI, the buyer can pay either by scanning a QR code displayed on the seller’s phone or directly through their VPA.

Eazypay comes with security features. It allows only one registration for a unique mobile number and requires mandatory authentication with MPIN for every login, among others.

 

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