India’s largest private sector bank ICICI Bank on 23 December 2016 launched EazyPay mobile application for merchants as an all-in-one acceptance payment platform.
The app will consolidate all the digital wallets, QR code, Unified Payments Interface (UPI), Debit Card and Credit Card.
With this, ICICI Bank becomes the first bank to roll out all-in-one payments platform in the country.
Highlights of the App
• It is a sustainable payment mode in comparison with other digital applications.
• It's open architecture makes it different from other digital platforms that are actually closed-loop prepaid instruments.
• Customers can make payments by using this app through any bank account using UPI, internet banking or by entering credit or debit card details on a link forwarded by the merchant.
• There is no issue of hitting the limit with this app as the money flows directly into the bank account of merchant.
• Moreover, the app also has its in-built billing application for the merchants.
• It also allows merchants to receive the payments from ICICI Bank’s e-wallet Pockets.
• ICICI Bank will sell this app to all the merchants in 2300 towns and cities, where the bank has its branches.
About ICICI Bank Ltd
• The Industrial Credit and Investment Corporation of India (ICICI) Bank is India’s largest private sector bank and has around 2.8 million mobile bank customers.
• It was originally set up as an Indian financial institution at the initiative launched by the World Bank in partnership with the Union Government and representatives of Indian industry.
• Initially, the institution only provided project financing to Indian businesses, however, later it got the identity as the ICICI Bank, which was set up in 1994.
• Presently, ICICI Bank's presence spans across 18 countries, including India.