New Delhi, Business Desk. ICICI Bank announced that customers of any bank can link their accounts with ICICI Bank’s ‘InstaBiz’ app and convert their shops and kirana stores into online stores in just 30 minutes. They can also apply for a voice messaging device. Merchants – grocery store owners, supermarkets, restaurants, stationery stores and pharmacies owners and professionals like doctors and lawyers can instantly access digital collection solutions like UPI ID and QR code. Also they can start receiving money from their customers instantly. They can also apply for Point of Sale (POS) devices digitally.
Any merchant, whether he/she has a current/savings account with ICICI Bank or not, can avail this solution by downloading the ‘InstaBiz’ app from Google Playstore or Apple App Store and linking his/her bank account with it. The facility of completely online and instant KYC process has also been made available in this initiative. Merchants do not need to visit any branch nor will they need to upload any documents. This initiative leverages the bank’s advanced API which instantly and digitally validates the PAN/Aadhaar number required for verification of KYC.
Commenting on the initiative, Anoop Bagchi, Executive Director, ICICI Bank said, “At ICICI Bank, we have always believed that the self-employed and MSME sectors are the backbone of the Indian economy. Retailers constitute a major part of this segment. It is our endeavor to support nearly 20 million merchants across the country by providing them with solutions that make their business easier. With this objective, we first introduced a mobile banking app for businesses ‘InstaBiz’ two and a half years ago.
Benefits of InstaBiz’s Digital Collection Service
Create Digital Store – This facility enables merchants of any bank to create a digital store on the ‘EasyStore’ mobile app. They can choose from over 500 attractive templates and catalogs to design their digital store. The feature also enables merchants to create promotional campaigns, manage invoicing, inventory and collections. Digital stores can be created in 30 minutes with just four clicks.
Create UPI Instantly – Merchants having an account with any bank can download the app, instantly link their bank account with it and create a UPI ID with ease. This helps them to collect payments physically at in-store, home delivery and online payments. This facility provides immediate settlement of the payment to the merchant’s account, as against the industry’s tradition of crediting it the next day.
Apply for and Manage POS – Merchants can apply for POS through the app itself and get it within a day, if they are located in major cities. They can digitally place service requests such as indents for paper rolls, terminal issues, activating EMIs, international card acceptance, statement requests, transaction status, GST invoices, etc. through InstaBiz. They can also track the status of all the applications on their POS device.
Apply for UPI Contactless Solution – Merchants can place over the counter standee/plaque orders for UPI payments right from the app in quick and easy steps. They can also apply for the voice messaging device ‘EasySound’ to receive real time instant payment confirmation for both successful and unsuccessful transactions.
Loyalty Program – Merchants are also offered the ‘Easy Rewards Program’, another first step in the industry. With this, merchants can accept instant cashless payments from customers through POS/QR solutions, receive points for transactions that can be redeemed for purchases, vouchers, holidays.