Mumbai: Two biggest players in Ecosystem Payment India – HDFC Bank and PaytM – have gathered to share their network and together offer payment solutions to their trading customers.
HDFC Bank will provide PayTM trader customers from the POS android device (point-of-sale).
Through a partnership, HDFC Bank sales power will begin selling paytm payment solutions on the market.
The HDFC Bank will be a payment partner, while Paytm will be a distribution and software partner.
Partners will jointly offer combined package traders including payment gateways and postal machines in the first leg of the bond.
In the future, they will also activate credit products including Paytm postpaid solutions (BUY-NOW-NOW-later-later-later-BNPL), Eazy Emi and Pay Flexi.
The IPO-Bound Paytm wants to consolidate its position in the acquired merchant room, where it expands the services beyond what the bank is provided.
According to the CEO of the construction of Paytm Bhavesh Gupta, the partnership will strengthen the financial services ecosystem by uniting Paytm technology & digital solutions and retail skills and HDFC bank loans.
“Through this partnership, we will also together provide an enhanced Smarthub solution to the market.
We believe that this is the beginning of a great partnership and the cumulative strength of both HDFC Banks and Paytm will help us strengthen their respective leadership positions,” said Parag Rao, Group Head, Payment, Consumer Murder, HDFC & IT Bank, HDFC.
, said.
Smarthub is a bank payment system designed with the first cellular approach.
HDFC Bank is the biggest publisher of credit cards and the spread of postal terminals with traders while Paytm claims to have 33 crore onboard users and more than two crore traders.
PayTM also provides point-of-sale devices for traders and credit solutions that support technology such as BNPL.
The partnership will utilize HDFC Bank networks, product and credit assessment capabilities and PATYM technology platforms to encourage payments in semi-urban and rural India and bring more people to formal banking channels.
HDFC Bank has published more than five crore cards and has 20 points for receiving lakh merchants.
This has helped banks get a 48% market share on traders who obtain volume.
Despite facing an eight-month embargo on issuing new cards, which was revoked last week, the bank remained the number one credit card publisher in this country with distribution spending more than 27%.