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ICICI Bank’s Eazypay is looking to solve multiple payments modes for offline merchants


ICICI Bank has now launched a payments collection app for offline merchants and retailers called Eazypay which will allow customers to pay via UPI, cards, net banking and the bank’s Pockets wallet app. Note that this is an app only for ICICI Bank customers who have a current account with the bank and will not allow other bank account holders to register on the app.

Merchants have to create a virtual payment address (VPA) and set an m-PIN. Note that for the UPI, banks are allowed to charge a merchants a higher bank interchange fee than compared to P2P payments. We have asked for more details on how this works and will update as an when the bank gives more information.

The app also allows merchants to collect payments over QR code. But interestingly, screenshots from ICICI Bank says that it will process the QR code payment over the UPI.


QR code payments have been picking up steam in India following demonetization and card networks Visa and MasterCard have been pushing their products mVisa and Masterpass respectively for QR code payments. We have asked the bank for a demo on how these payments will occur over the UPI and will update when we hear from them. The UPI option on the payment app also allows merchants to collect immediately or at a later time.

Card payments and net banking: For card and net banking payments,  customers will need to enter their phone number and email which will generate a bill along with a link which will redirect them to a payment gateway page. Card details and OTP will need to be entered similar to an online purchase.

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Selecting the net banking page will take a customer to their respective bank’s page where they will have to enter their customer id and password to complete a transaction.


For payments via ICICI Bank’s Pocket’s app, customers need to enter their mobile phone number and PIN for the app to authenticate a transaction.

Sub merchants: The app also has an interesting feature called sub-merchants where it allows up to 30 employees to collect payment on behalf of the merchant on their smartphone.It offers a convenient option for collecting digital payments at retail stores with multiple counters.

Other recent digital products from ICICI Bank

– The bank has been tying up with a number of payment gateways and aggregators to get access to more merchants. Typically, there is a revenue sharing agreement with banks when a merchant does a UPI transaction. Most recently, it tied up with CCAvenue. 

– Last month, against the backdrop of the demoentization drive, ICICI Bank, said  it will make 100 villages cashless and adopt digital modes of payment within 100 days. It is basing the programme on the success of its experiment in Akodara, Gujarat.

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– In October, ICICI Bank created a blockchain application and piloted transactions on its block chain network in partnership with Emirates NBD, a banking group in the Middle East. The bank developed the block chain application with EdgeVerve Systems, a subsidiary of Infosys.

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