ICICI Bank, Axis Bank thrive on API, UPI, Platforms

While Bharat Bank unit of Axis Bank will offer tailored rural products with increased physical & digital reach over the next 3 years, ICICI Bank has created 19 industry specific stacks to provide digital solutions to corporate clients:

- Mehul

Amitabh Chaudhry reveals that Axis Bank has crossed 1.9 mn customers on WhatsApp Banking within 9 months of launch

ICICI Bank has partnered with Amazon India to offer instant overdraft to sellers, including non-ICICI Bank customers, on its portal. The bank is focusing holistically on the merchant ecosystem, both directly and through partnerships. Sandeep Bakhshi, MD & CEO, said in Q2 investor presentation recently: “The Super Merchant current account, which offers various benefits such as digital account opening and instant overdraft facilities based on pointof-sale transactions, has received good response from customers. The bank has also launched an instant overdraft facility for MSMEs registered on the GEM Sahay application through API integration with the OCEN network.”

Axis Bank has partnered with BharatPe to expand its merchant acquiring business. Amitabh Chaudhry, MD & CEO, informed: “We have launched a wide range of open API (Application Programming Interface) banking solutions, covering 200+ retail APIs and 51 corporate APIs.”

With Axis Bank’s focus on Open Banking initiatives as part of the digital strategy, it is committed to simplifying customer journeys and bringing greater convenience through constant innovation in its offerings. Sameer Shetty, President & Head, Digital Business & Transformation at Axis Bank, said: “With these latest API Banking offerings, we look forward to collaborate and co-create with partners, to offer an enhanced user experience and simplify their day-to-day operations.”

UPI GROWTH: RETAIL DIGITAL