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Indian Banks enter QR code battle
June 23, 2023
Country’s major banks are reportedly entering the QR code battlefield by introducing their own QR codes at merchant establishments. According to a report by Economic Times, ICICI Bank has already taken the lead by utilizing its merchant-oriented InstaBiz app, while HDFC Bank and Axis Bank are catching up with the competition.
ICICI Bank’s InstaBiz app has approximately 1.5 million active users, with a year-on-year growth in throughput of over 70%. While HDFC Bank’s SmartHub Vyapar app has surpassed one million downloads, the report says.
“In the past, banks would mostly pass on such leads to their fintech partners, but now they are trying to build the tech in-house and keep the customers within their ecosystem,” a senior banker told the publication on condition of anonymity.
The ET report quotes an ICICI Bank spokesperson saying “Through InstaBiz, merchants can digitally manage all their banking and collection transactions with features like voice notification of QR transactions, intuitive dashboard and instant settlement of funds.”
As of March 31, 2023, over 122,200 new-to-bank merchants were onboarded on the InstaBiz app, the banker stated to the publication.
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