HDFC Bank Partners with Paytm to Offer Digital Banking Services

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HDFC Bank Ltd. has partnered with Paytm to expand its range of digital banking services for individuals and merchants.

The partners will start with payment gateway and point-of-sale solutions for merchants, the online payment company said in a statement. “Through this partnership, HDFC Bank vendors will start selling Paytm payment solutions in the marketplace. HDFC Bank will be the payment partner, while Paytm will be the distribution and software partner, ”the statement said. They will later seek to offer credit products such as the Paytm Postpaid solution, Eazy EMI and Flexi Pay.

Paytm and HDFC Bank, the statement said, will also launch a co-branded PoS product in the retail segment, which Paytm will have the ability to offer to its own customer base.

“The merger of HDFC Bank’s credit reporting network, products and capabilities; and Patym’s technology platform will accelerate digital transformation in semi-urban and rural India while attracting more people into formal banking channels, ”Paytm said in the press release.

It comes at a time when Paytm’s parent company, One 97 Communications Pvt., Is awaiting approval from the Securities and Exchange Board of India for its own initial public offering to raise Rs 16,600 crore, in what will be the largest the county’s inaugural offering.

Paytm, according to a July 15 report from RedSeer, is also the largest payments company in India with 33.3 crore of users and 2.1 crore of merchants on its platform.

“Paytm’s reach in the offline and online merchant space and HDFC Bank’s retail influence will target dynamic growth in the payments space,” said Renu Satti, COO (Offline Payments). line) at Paytm. “This partnership aims to bring innovative products focused on affordability.”

According to Parag Rao, group manager (payments, consumer credit, digital banking and IT) at HDFC Bank, the partnership will allow HDFC Bank to jointly deliver its SmartHub – an integrated platform that offers various digital banking services such as payments, banking services, loans. and segment-specific business solutions – to traders.


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