Inside the
Issue

Key initiatives undertaken for

Digital Payments / channels

during last 6 month

Subir Saha
  1. The Bank launched ‘ICICIStack’, the most comprehensive digital infrastructure available in the country by a bank as it can facilitate crores of retail customers as well merchants, retailers, professionals, fintechs, start-ups, e-commerce players and corporates, across the country to continue all their banking, digitally and from a remote location, without visiting a bank branch or office.
    • Some of the prominent services available are:
    • Accounts Stack: Services like instant digital savings account with FD, PPF; instantly available salary account, current account, travel card, bill pay solutions; Application Programming Interface (i.e. APIs) like connected banking with (Enterprise Resource Planning (i.e. ERP)) softwares, account management and digital on-boarding of partners.
    • Payments Stack: Offers digital payments and pay-out services like UPI, QR scan and pay, merchant settlement and customer cashback, refund transactions, EazyPay merchant app and digital on-boarding of merchants.
    • Loans Stack: Includes services like instantly available personal loan, business loan, credit card, home loan sanction, home loan top up, car loan sanction and digital small ticket credit called PayLater. APIs include e-NACH (e-National Automated Clearing House) based mandate, instant loan booking, disbursement to partner accounts for car loan or education loan, disbursement to customer account.
    • Investment Stack: Offers instant services like FD, RD, SIP, PPF, NPS and AI led robo-advisory for mutual fund investments, real time investment updates and any channel servicing. Also offers value added products like FD with life insurance or credit card or monthly income plan or investment with SIP.
    • Care Stack: Includes services for protection for life, health, car, two-wheeler and home.
    • A non-ICICI Bank retail customer can get the benefits of ‘ICICIStack’ by simply opening an instant savings account with the Bank digitally, without having to visit the branch. A business entity, in case it is a non-customer of the Bank, can download ‘InstaBIZ’, the Bank’s mobile application specially curated for businesses, and enjoy the un-paralleled convenience using ‘ICICIStack’.
    • The Bank launched “Merchant Stack”, a set of the country’s most comprehensive digital banking services specially curated for retail merchants viz. grocers, super markets, large retail store chains, online businesses and large e-commerce firms - to meet their banking requirements seamlessly so that they can continue to serve their customers in the challenging times during the pandemic.
    • The main pillars of the stack:
    • A new zero-balance account named, ‘Super Merchant Current Account’;
    • Two instant credit facilities called ‘Merchant Overdraft’ and ‘Express Credit’; both based on POS transactions, and first in the industry;
    • ‘Digital Store Management’ facility to help merchants take their business online;
    • Exclusive loyalty rewards programme, an industry first feature;
    • Value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence.
    • Any merchant can enjoy the benefits of the ‘Merchant Stack’ by simply downloading the InstaBIZ app from Google Play Store or Apple App Store. Merchants, who are not the customers of the Bank, can also avail the benefits of the stack by instantly opening a zero balance current account using the InstaBIZ app in a digital manner.
  2. The Bank introduced 'Pay to Contact', an interesting feature of 'iMobile Pay' that enables users to send money to their phone contacts. This feature makes paying someone as simple as calling, now they no longer need to remember Bank Account Numbers, IFSC codes or UPI ID details. The customer has to just enter mobile number of the person and the contact's UPI IDs linked to the apps like Google Pay, PhonePe, etc. will appear on screen. Customers can select the UPI ID to which they want to transfer money, enter the amount and pay to their contact instantly.
  3. The Bank has introduced Rent@Click, which shall provide comprehensive rent management solution for landlords and tenants. It is an industry-first rent collection platform that captures rent flows from both landlords and tenants. The key feature of this facility are:
    1. One view dashboard to manage your property;
    2. Alerts and reminders on due dates;
    3. Collect/Pay rent through multiple modes. Rent@Click is available on InstaBIZ app & iMobile Pay app.

Ankita Mhatre,

Compliance Group, Mumbai