ICICI Bank, India’s 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 and 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.”
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.
Below are the new industry first features of Eazypay:
• Scan-n-Bill: Merchants can now scan barcodes of thousands of FMCG merchandise from their smartphones using the Eazypay app and can generate invoices digitally.
• Supports cash & credit sales: The app also allows merchants to tag payments as ‘paid by cash’ or ‘sold on credit’. Transactions that are tagged as ‘sold on credit’ can be fulfilled anytime by accepting payments through the existing modes of collection.
• Integrated sales dashboard: The app features an in-built sales dashboard which displays a comprehensive summary of products sold, thereby providing merchants with critical insights on purchase patterns. It also provides merchants with a consolidated transaction MIS of payments collected across all modes for easy reconciliation.
• Sub merchant limit: The unique ‘sub merchant creation’ feature now allows retailers who have medium to large scale operations to enable its employees to collect payments simultaneously, using their smartphones. This is especially useful for retailers who have multiple billing counters like in super markets and large pharmacies, branches in other cities or offer home delivery service.
• Queries and support requests: Merchants can now get answers to their queries by raising support requests directly from the app.
• B2B payments for merchants: Merchants can make B2B payments through the ‘My Invoices’ option in the app. This facility is available only for select manufacturers.
• Collecting payments through a card swipe machine: Merchants can collect payments by enabling customers to swipe their credit and debit card using three different kinds of card swipe machines. All three devices support magnetic stripe (swipe) as well as chip-based (insert/dip) cards based on the Visa, MasterCard and RuPay platforms.