Paytm – HDFC Bank | HDFC Bank, Paytm partner for digital payment, loan solutions; offer a co-branded PoS product for retail
HDFC Bank, Paytm partner for digital payment, loan solutions; offer a co-branded PoS product for retail
- Paytm and HDFC Bank announced Monday that they have entered into a strategic partnership to create complete solutions across all payment gateways.
- The partnership will aim to empower new businesses that have recently ventured online and enable them to grow.
- HDFC Bank Sellers to Start Selling Paytm Payment Solutions in the Marketplace
New Delhi: Ahead of its IPO, Paytm and HDFC Bank announced on Monday that they have entered into a strategic partnership to create complete solutions for payment gateways, point-of-sale machines and credit products, including Paytm Postpaid which is Buy Now Pay Later (BNPL) solution, Eazy EMI and Flexi Pay.
The partnership will aim to empower new businesses that have recently ventured online and enable them to grow.
The strategic partnership with the country’s largest private bank precedes Paytm’s proposed initial public offering (IPO), through which the company plans to raise Rs 16,600 crore by the end of the calendar year.
The first stage of the partnership will include a payment gateway and point of sale solutions for Indian merchant partners. HDFC Bank will be the payment partner, while Paytm will be the distribution and software partner.
HDFC Bank will foster partnerships with merchants across India, to whom Paytm will offer its existing line of Android point-of-sale devices. The vendors of the bank will start selling Paytm’s payment solutions in the marketplace.
Paytm and HDFC Bank will also jointly launch a co-branded point-of-sale product in the retail segment, which Paytm will have the opportunity to offer to its own customers.
“Paytm’s reach in the offline and online merchant space and the influence of retail HDFC banking will target dynamic growth in the payments space. Paytm is used to launching innovative products that have paved the way for the adoption of retail payments among various merchant partners. This partnership aims to deliver innovative products with a focus on affordability, ”said Renu Satti, COO, Offline Payments.
Bringing together HDFC Bank’s credit reporting network, products and capabilities and Paytm’s technology platform will accelerate digital transformation in semi-urban and rural areas of India, while attracting more people in formal banking channels, the companies said in a joint statement.
“As India’s largest issuing and acquiring bank, we have always strived to personalize our offerings for clients-consumers, businesses and corporations. Through this partnership, we will also jointly deliver improved SmartHub solutions to the market. We believe this is the start of a great partnership and that the combined strength of HDFC Bank and Paytm will help us strengthen our respective leadership positions, ”said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank. .
HDFC Bank SmartHub solutions are an integrated platform providing merchants a one-stop shop for all of their business needs – payments, banking, loans, and segment-specific business solutions.