ICICI Bank Current Affairs

ICICI Bank launches EazyPay app for Merchants

ICICI Bank, India’s largest private sector bank has launched EazyPay mobile application for merchants that allows all-in-one acceptance payments platform.

This app consolidates all digital wallets, QR code, Unified Payments Interface (UPI), and credit & debit cards modes of payments. With this, ICICI Bank became first bank in the country to roll out all-in-one payments platform

Key Facts
  • Eazypay app is sustainable payment mode compared to current peer-to-peer digital applications.
  • It has ‘open architecture’ which makes it distinct from other digital payments that are actually closed-loop prepaid instruments.
  • Using it customer can make payments through any bank account using UPI or internet banking or using credit or debit card details on smartphone on a link forwarded by the merchant.
  • It has no issue of hitting the limit as the money flows directly into the bank account of merchant. It also has its in-built billing application for merchants.
  • It also allows merchants to receive payments from ICICI Bank’s own e-wallet ‘Pockets’.

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Akodara becomes India’s first Digital Village

Akodara village in Sabarkantha district of Gujarat has earned the coveted tag of becoming India’s first digital village.

The village with a total population of 1,191 people and 250 households uses a various cashless system for payments of goods and services. All transactions in the village are carried out through digital modes like SMS, net-banking or debit cards.

Key Facts

  • The village was adopted by ICICI Bank under its Digital Village Project in 2015 and made cashless by adopting digital technology.
  • The project was launched in January 2016 by Prime Minister Narendra Modi and ICICI Bank MD and CEO Chanda Kochar to mark 60-year-celebration of the ICICI group’s existence.
  • All households in village have savings account in local ICICI Bank branch. The bank has provided training to villagers to embrace digital technology to reduce dependence on cash.
  • The village has almost 100% financial rate and all mobile banking is done in Hindi, English and Gujarati languages. It also has its own official website.
  • The villagers’ most important transactions selling agri-produce at the local market or mandi or selling milk at the co-operative society have been made cashless.
  • It has primary, secondary and higher secondary schools equipped with smart boards, computers and tablets.
  • It can be said that this village has become prime example of how e-banking can be practically implemented in Indian villages without much difficulty to make India cashless economy.

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