HDFC Bank has formed a strategic partnership with digital payments firm Paytm to launch innovative products across digital payments, lending and point of sale (POS) solutions in India.
Expected to further the financial transformation in semi-urban and rural India, the partnership will see the integration of HDFC’s products and network with Paytm’s technology platform to drive financial inclusion.
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Through this collaboration, the partners will develop solutions across payment gateways, POS machines and credit products for end-users and merchant partners.
In a combined statement, the companies said: “The fusion of HDFC Bank’s network, products and credit appraisal capabilities and Patym’s technological platform will accelerate digital transformation in semi-urban and rural India while bringing more people into formal banking channels.”
The first step of the partnership will see the two companies launch payment gateway and point-of-sale solutions for merchant partners.
HDFC Bank will drive merchant partnerships and Paytm will offer its current range of Android POS devices.
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By GlobalDataHDFC Bank’s sales personnel will also sell Paytm’s payment solutions in the Indian market.
Paytm will act as distribution and software partner, while HDFC Bank will serve as the payment partner.
Additionally, the two companies will launch a co-branded POS product in the retail segment. Paytm will have the option to offer this product to its own customer base.
HDFC Bank digital banking & IT consumer finance, payments group head Parag Rao said: “Through this partnership we will also be jointly delivering enhanced SmartHub solutions to the market. We believe that this is the start of a great partnership and the cumulative strength of both HDFC Bank and Paytm will help us strengthen our respective leadership positions.”
HDFC Bank SmartHub solutions is designed to offer one stop solution to merchants for all their business requirements – banking, payments, and lending.
