ICICI Bank makes InstaBIZ interoperable for merchants

ICICI Bank announced that it has made InstaBIZ interoperable, making the benefits of its business banking mobile application available to all vendors including clients of different banks. This initiative enables merchants’ owners of grocery shops, grocery stores, eateries, stationeries, pharmacies, and experts like doctors and lawyers to quickly create digital collection solutions like UPI ID and QR code, and start collecting money from their clients immediately. They can likewise digitally apply for a Point of Sale (POS) device. Further, they can change their shops into an online store quickly, and apply for a voice messaging device that confirms the receipt of the payments.

Any merchant can avail of the benefit by downloading the InstaBIZ application and linking their bank account. This initiative includes a totally online and instant Know Your Customer (KYC) process. Merchants don’t have to visit any branch or upload any document. The initiative leverages upon advanced APIs of the bank that carefully validates PAN/Aadhaar number which is required for verification of KYC.

In a statement, Anup Bagchi, Executive Director, ICICI Bank said, “We accept that the independently employed and the MSME section forms the foundation of the Indian economy. A large part of this segment comprises retail merchants. It is our endeavour to support dealers around two crore across the nation by offering them solutions that make their business simple. With this aim, we introduced InstaBIZ, a mobile banking application for organizations, two and a half years ago.