ICICI Bank launches 'eazypay', a Mobile App for Business that accepts all Modes of Payment - chaprama | Insights from the world of Technology and Lifestyle


Friday, December 23, 2016

ICICI Bank launches 'eazypay', a Mobile App for Business that accepts all Modes of Payment

Demonetisation has created a lot of problems to business as most of the transactions are carried through cash payments. But now for merchants, there is no option left but to follow digital transactions.

ICICI bank today launched a mobile application for merchants that combines all modes of payment, including digital wallets, Unified Payments Interface (UPI), QR code, and credit & debit cards. This can be used for cash-on-delivery payments. The app, dubbed eazypay , is one stop solution for businesses, that allows multiple users to connect to the same account. 

Anup Bagchi, ED, ICICI  Bank said that the app provides solutions to complex problems that arise from the use of multiple digital transactions. He said that bank is planning to cover 2 lakh merchants in the coming months. He further added that the development of the app was tricky and took them 15 years to facilitate acceptance of cards.

Few banks have been using payment apps from quite some time. Take, for example, HDFC has payzapp for business to enable merchants to accept offline payments. Similarly, SBI  has SBI Buddy app that enables payments at shops.But in both these apps, payments are accepted when made through their corresponding bank accounts. But the new app introduced by ICICI is all in one acceptance platform for merchants

Bagchi is confident that this app will be accepted by merchants as there is no such kind available in the market at present.Another exciting feature is the launch of Bharat code which is an interoperable QR code for payments. The merchants can use QR code to receive payments from VISA Master card or Rupay cards. The consumer needs to scan the QR code to make payments. The app also enables to receive payments from ICICI Banks wallet Pockets.

According to Bagchi, this app facilitates  money to be credited directly in  to merchants account. The app also comes with in built billing information. He further added that ICICI will sell this app to the merchants in 2300 cities and towns where the bank is available.

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