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ICICI Bank launches EazyPay app for merchants

Dec 26, 2016 16:50 IST

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.

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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.

Quick Digest

Who: EazyPay app

What: Launched by ICICI Bank

When: 23 December 2016

Is this article important for exams ? Yes4 People Agreed
Read more Current Affairs on: ICICI Bank , launches , EazyPay app , for merchants , consumers

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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