ICICI Bank unveils one merchant mobile app for all payment modes
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MUMBAI: ICICI Bank has launched a mobile application for merchants that allows consolidation of all modes of payments, including digital wallets, Unified Payments Interface (UPI), QR code, and credit & debit cards. The app, eazypay , which is designed for business, allows multiple users to connect to the same account. This makes it possible to be used for cash-on-delivery payments.
“This is a first such product in India. We developed this after feedback that the multiple digital options were creating a lot of confusion,“ said Anup Bagchi, ED, ICICI Bank. He added that the bank planned to cover 2 lakh merchants in coming months. “It took us 15 years to build that kind of acceptance for cards. We are planning on achieving the same scale for this application in two months,“ said Bagchi.
Others like HDFC Bank, SBI and Axis have launched their own apps. HDFC Bank also has PayZapp for business app to enable offline merchants accept electronic payments. Similarly , SBI is enabling payments at shops using its Buddy app. But ICICI Bank is the first to introduce an all-in-one acceptance platform for merchants.
Bagchi is confident of merchant adoption because demonetisation has created a need for alternative payments. Secondly , he says this is `open architecture', which means it is distinct from other digital payments that are actually closed-loop prepaid instruments. A custo mer can make payments through any bank account using UPI or internet banking. If the customer has a smartphone, he or she can pay using credit or debit card by entering card details on a link forwarded by the merchant.
The other big bang is expected to be the launch of Bharat Code -an interoperable QR code for payments that can be used by merchants to receive payments form Visa, MasterCard or RuPay by the customer scanning the QR code. The app also allows payments to be received from ICICI Bank's own e-wallet `Pockets'.
According to Bagchi, eazypay will be a sustainable payment mode compared to current peer-to-peer digital applications that shopkeepers are using as a workaround to the currency shortage.
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