Home / Industry / ICICI Bank makes ‘InstaBIZ’ interoperable
Listen to this article

Mumbai: ICICI Bank today announced that it has made ‘InstaBIZ’ interoperable, making the benefits of its business banking mobile app available to all merchants including customers of other banks. The first-of-its-kind initiative enables merchants—owners of grocery shops, supermarkets, restaurants, stationery stores and pharmacies-- and professionals like doctors and lawyers to instantly create digital collection solutions like UPI ID and QR code, and start collecting money from their customers immediately. They can also digitally apply for Point of Sale (POS) device. Further, they can transform their shops into an online store in just 30 minutes, and apply for a voice messaging device that confirms the receipt of the payments.

Speaking on the initiative, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “We at ICICI Bank always believe that the self-employed and the MSME segment forms the backbone of the Indian economy. A large part of this segment consists of retail merchants. It is our endeavour to support merchants—around two crores across the country-- by offering them solutions that make their business easy. With this aim, we were the first to introduce ‘InstaBIZ’, a mobile banking app for businesses, two-and-a-half years ago."

Benefits of the digital collection services of ‘InstaBIZ’ for any merchant:

Create UPI instantly: Merchants having a bank account with any bank can download the app, instantly link their bank account and generate a UPI ID easily. This helps them to collect payment physically at the store, home deliveries and online payments. The facility provides instant settlement of payment in the merchant’s account as compared to the industry practice of getting it credited on the next day.

Create QR code instantly: Merchants can instantly create and activate QR code and link it with their account in any other bank. They can then generate digital QR codes with specific amounts and share it with customers digitally on email or messaging platforms. They can also take print outs, keep it at their stores and start collecting payment immediately.

Apply and manage POS: Merchants can apply for POS through the app itself and receive it in a day if they are based in major cities. They can digitally place service requests like indents for paper roll, terminal issue, activating EMI, international card acceptance, statement request, transaction status, GST invoice among others, through ‘InstaBIZ’. They can also track status of all applications of their POS device itself.


Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout