In what it claims to be a first in the country leading private sector lender ICICI Bank on Tuesday launched ‘Eazypay’, an app for merchants, retailers and professionals to accept payments on mobiles from multiple digital modes. The Eazypay, based on the Unified Payment Interface (UPI) of the National Payment Corporation, allows a person to make payments through credit/debit cards and online banking, and also through the ‘Pockets’, which is the digital wallet of ICICI Bank, the bank said in a statement.
Any current account holder of ICICI Bank can instantly download the Eazypay app and start using it, it said, adding the facility can also be used by non- ICICI Bank customers. The app is available on smartphones with Android operating systems now and will shortly be available on the iOS operating system as well. Commenting on the app, chief executive and managing director Chanda Kochhar described Eazypay as another initiative from the bank to fulfill the vision of digital India.
“I believe that this application will have broader usage base as it allows merchants to collect any amount digitally without any hassles of a daily or monthly limit on collection. Additionally, it can be used by up to 30 employees of a merchant simultaneously to collect payment on their mobile phones,” she said.
ICICI Bank is India’s largest private sector bank with total assets of Rs. 7,206.95 billion (US$ 109 billion) at March 31, 2016 and profit after tax Rs. 97.26 billion (US$ 1,468 million) for the year ended March 31, 2016. ICICI Bank currently has a network of 4,501 Branches and 14,404 ATM’s across India.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI’s shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank’s acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002.
In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.