IndusInd Bank Launches Mobile App for Merchants: Enabling Banking Transactions and Creating a Digital Identity

Mobile App for Merchants: In order to simplify giving people access to banking services, IndusInd Bank has developed a comprehensive mobile application (app) that allows businesses, retailers to carry out banking transactions digitally, on a single platform. The app is currently available on smartphones with Android operating systems and will soon be available for Apple devices as well. “Indus Merchant Solutions will enable merchants and retailers to undertake an array of activities such as accept instant cashless payments on mobile phones from customers through multiple digital modes, track inventory via in-built dashboards,” it said in a statement on Wednesday. “Any current account holder of IndusInd Bank can download the ‘Indus Merchant Solutions’ app and start using it. A non-customer can open a current account with the bank through a fully digitized process, and get themselves registered as a merchant,” it further said. The bank said the app would enable merchants to create a digital identity for themselves, through their existing mobile phone numbers. “Merchants will be able to apply for PoS machines and business loans by providing details of their bank accounts linked with Aadhaar numbers or PAN card directly from within the application itself, without having to visit any branch at all,” it said. The app also enables customers to link their Aadhaar numbers with the bank account through a text message or OTP authentication process in real-time allowing them to access all merchant benefits on offer from IndusInd Bank. Customers can use the UPI-enabled payment system for both cashless and card payments across merchants linked within this app. The app also enables merchants to use the ‘Indus Merchant QR’, a merchant-to-merchant payment system that allows them to trade amongst each other without having to pay any additional fee for processing transactions through IndusInd Bank infrastructure. Merchants can create their own unique QR codes and send them to nearby merchants or customers to make payments. It enables merchants to track inventory, procurements, and sales performance on a real-time basis through ‘Merchant Dashboard’. It also enables merchants to establish a digital identity and download business loan application forms for various financial products such as working capital, gold loans, and consumer loans. The bank said the app would enable merchants to create a digital identity for themselves, through their existing mobile phone numbers. Read More: THE DAILY APP INDUSTRY NEWS: FACEBOOK TESTS APP STORE RULES, APPLE BATTLES SIDELOADING, NETFLIX GAMES GO GLOBAL