ICICI Bank, a private sector lender in India, has launched a set of digital banking services for retail merchants.

Dubbed Merchant Stack, the platform is designed to meet the banking requirements of retailers. They can avail the services through InstaBIZ, ICICI Bank’s mobile banking application for businesses.

The key offerings include a new account and two instant credit facilities. The merchants will also get access to Digital Store Management platform to support digital transformation of their business, a loyalty rewards programme; and other value added services.

ICICI Bank Anup Bagchi said: “We 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.

“There are over 2 crore [20 million] merchants in the country with approximately $780bn in value of transactions in 2020. They are expected to grow rapidly in the coming years. Through these trying times of the pandemic, it is our endeavour to enable the merchants with a digital banking platform that will help them to continue to serve their customers.

“We have thus launched the ‘Merchant Stack’, which most importantly offers a range of ‘contactless’ banking services, providing safety to the merchants and their customers alike.

“This new offering is part of our guiding principle of ‘Business with Care’. It is also a continuation of ‘ICICI Stack’ which we launched a year ago to offer retail customers all digital banking services from one platform.”