On June 2, the first merchant development center of China’s banking industry was set up in Industrial and Commercial Bank of China (ICBC). The center will integrate ICBC's multiple service resources including merchant acquiring, payment, financing, and Internet finance to create an online+offline merchant service system and comprehensive service solutions, generating more business opportunities and value added services for merchants, while driving both supply and consumption.

According to an official of ICBC, by leveraging the Bank's extensive experience and established operational model in credit card business, the Merchant Development Center will adopt modern payment technology, professional operational philosophy and sophisticated management model to consistently drive product innovation, system optimization, process integration and channel expansion, and provide merchants with more professional and efficient financial services.

Firstly, the center will build a highway for safe and smooth payment services through a complete payment acceptance product system, providing merchants with professional and customized payment services. For example, with leading MIS equipment, the center may provide fast and efficient acquiring service for large merchants; with portable and light mPOS, the center can offer quality and convenient card-swiping solutions to mobile merchants; the center also provides merchants with online acquiring based on online POS featuring the cutting-edge authentication technology and the most extensive scope of service. The center will soon launch ICBC QR code payment products, which are safer, more convenient and more compatible.

Secondly, by integrating various high-quality resources, the center provides merchants with full-suite finance services. For example, a series of convenient installment payment products are available to credit card holders, including installment by SMS, bill installment, lump sum installment, and customized installment, which help enhance customers’ purchasing power and boost sales. In addition, by sharing resources with merchant partners, the center jointly conducts promotions to expand source of income.

Third, based on two Internet service platforms -- ICBC e-Life and Merchant Home, the center has built an O2O ecosystem between the Bank, customers and merchants,  facilitating customers while attracting flows to merchants.