Instagram introduced a new way to showcase local businesses with in-app profile pages. The pages tend to look very much like Google local knowledge panels. They include the business address, hours, contact information and the website.
There is also a link to the Business Instagram Profile which is featured to be prominently at the top of the page. Users will be able to claim a business profile page provided they have access to the business's Facebook page.
By claiming a profile page, users will get the ability to edit the business information. However there is no official announcement yet by Instagram.