HDFC Bank and Paytm team up to deliver financial solutions to consumers, merchants
By Sanjay Maurya
News Highlights
- To deliver financial solutions to end customers and merchants across India, HDFC Bank and Paytm have formed a strategic partnership.
- HDFC Bank’s salesforce would begin marketing Paytm’s payment solutions in the market as a result of the relationship.
- HDFC Bank will be the payment partner, and Paytm will be the distribution and software partner.
HDFC Bank and Paytm team up to deliver financial solutions to consumers, merchants
Paytm, a payment platform, and HDFC Bank, a private sector bank, has established a strategic relationship to bring financial solutions to end customers and merchants across India.
The two companies are collaborating to accelerate digital transformation in semi-urban and rural India by merging HDFC Bank’s retail products/network with Paytm’s technology platform.
Paytm and HDFC Bank will collaborate to develop comprehensive solutions across POS Machines, Payment Gateway, and Credit Products, including Paytm Postpaid, Eazy EMI, a Buy Now Pay Later (BNPL) solution, Flexi Pay, and more.
Because of their high market positions, both companies will benefit from this collaboration as a result of the other’s support. Paytm will offer its existing line of Android POS devices to merchants who collaborate with HDFC Bank across India.
HDFC Bank’s salesforce would begin marketing Paytm’s payment solutions in the market as a result of the relationship. The payment partner will be HDFC, and the distribution and software partner will be Paytm.
HDFC will also work on its SmartHub solutions as part of this agreement. SmartHub solutions from HDFC are an integrated platform that provides merchants with a one-stop-shop for all of their business needs such as: –
- Payments
- Banking
- Lending
- And segment-specific business solutions.
With 333 million customers and 21 million businesses, Paytm is India’s largest payments platform. India’s largest payments platform in terms of the number of consumers, merchants, consumer-to-merchant transactions, and revenue.
HDFC, on the other hand, has 50 million credit and debit card customers, making it the country’s largest credit card issuer with a spend share of more than 27%. The company also claims to have a merchant acceptance point footprint of over 2 million and a 48 percent business market share on merchant acquiring volume.
We have always tried to personalize our solutions to customers-consumers, enterprises, and corporate houses as India’s largest issuing and acquiring bank. We will also jointly bring expanded SmartHub solutions to the market as a result of this collaboration, according to Parag Rao, HDFC Bank’s group head of payments, consumer finance, digital banking, and IT.
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