The service, christened ‘merchant stack‘, is targeted at the over 2 crore retail merchants in the country to render banking services digitally, the second largest private sector lender said in a statement.
“There are over 2 crore merchants in the country with approximately USD 780 billion in value of transactions in 2020. They are expected to grow rapidly in the coming years,” ICICI Bank Executive Director Anup Bagchi said.
The stack provides banking solutions including a zero-balance current account, instant credit facilities, ‘digital store management’ facility, loyalty programme, and value added services like alliances with e-commerce and digital marketing platforms.
Bagchi said the service is an extension of a similar stack for retail customers launched a year ago.