HDFC Bank, Paytm to jointly offer payment solutions to merchant customers
The partnership and the cumulative strength of both HDFC Bank and Paytm will further strengthen their respective leadership positions
India’s largest private sector lender HDFC Bank and digital payments platform Paytm will offer merchant customers, a combined package which includes a payment gateway and android-based Point of Sales (PoS) machines. Through the partnership, HDFC Bank’s sales executives will sell Paytm’s payment solutions in the market. Paytm will be the distribution and software partner, while HDFC Bank will be the payment partner.
Partnership to create SmartHub solutions
The Times of India reported that the partnership will strengthen the financial services ecosystem by bringing together Paytm’s digital solutions and technology and HDFC Bank’s retail and credit prowess.
It further added that the partnership and the cumulative strength of both HDFC Bank and Paytm will further strengthen their respective leadership positions. Also, they would be jointly delivering the enhanced SmartHub solutions to the market. SmartHub is HDFC Bank’s payment system designed with a mobile-first approach, the publication added.
Going forward the the joint partnership will also enable credit products including Paytm Postpaid (Buy Now Pay Later BNPL) solution, Eazy EMI and Flexi Pay. Paytm, which is getting ready for an IPO in October this year, is looking to consolidate its position in the merchant acquiring space, where it extends services beyond what is provided by the banks.