ICICI Bank, India’s largest private sector bank by consolidated assets, has added an array of industry-first features to ‘Eazypay’, the country’s first digital point-of-sale (PoS) application.
It was launched by the bank during demonetisation to enable merchants/retailers & professionals to collect payments through multiple digital modes including Unified Payment Interface (UPI), credit / debit card & internet banking of any bank, Aadhaar Pay, Bharat QR Code and ‘PocketsbyICICIBank’ digital wallet. Since then, Eazypay has quickly garnered over 1.70 lakh customers, enhancing the Bank’s nation-wide network of physical and digital PoS to over 7 lakh.
The application now offers a host of new services that are unprecedented in the industry. This list includes enabling merchants/retailers/professionals to enjoy the convenience of applying for a card-swipe machine instantly, in a completely digital and paperless manner, without any requirement to visit a bank branch. It also allows them to scan barcodes to raise invoices instantly; easily track inventory and draw insights on sales trends via an in-built dashboard in the app and track products sold to customers on credit among others.
Additionally, with a view to offer convenience to retailers who have medium to large scale operations, the application can now be used by its employees simultaneously, to collect payment on their mobile phones at multiple counters ‘in-the-store’. It can also be used at its branches in other cities as well as ‘on-the-go’ for home deliveries.
Speaking about the new features, Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has always played a pioneering role in introducing digital innovations to accelerate the shift to a digital economy. In line with this vision, during demonetisation, we launched ‘Eazypay’, a digital point-of-sale as a mobile application. This was a path-breaking concept as it aimed to facilitate millions of merchants, retailers and professionals across the country to accept digital payments from various modes on a single mobile application.”
Eazypay has received an encouraging response from the market with usage across segments like kirana shops, restaurants, travel & tour operators, chemists and professionals among others. Due to this robust usage, within a year itself, its network has rapidly grown to over 1.7 lakh, taking the Bank’s nation-wide network of physical and digital PoS to over 7 lakh.
“The ‘all-new-Eazypay’ is a result of further extensive research and offers a host of services with many industry-first features including instant & paperless application for card-swipe machine and bar code scanning for instant invoicing. I believe, that these new features will further broad base usage and offer both convenience and flexibility to retailers by offering the most comprehensive digital payment collection tool. I foresee that in the near future, Eazypay will surpass the Bank’s physical PoS network, thereby further facilitating the creation of a less-cash ecosystem in the economy,” he said.
ICICI Bank customers who have a current account with the bank can simply download the upgraded ‘Eazypay’ app from their Android based smartphones. They can also request for a card-swipe machine instantly, in a completely digital and paperless manner. Basis the volume and nature of transactions, merchants can avail three different kinds of card –swipe machines.