On this association, HDFC Financial institution would be the fee companion and PayTM will present its distribution and software program. The Financial institution will make PayTM’s Android Level of Sale (PoS) techniques obtainable to its clients.
Collectively, they’ll provide retailers a package deal together with a fee gateway and PoS techniques, initially. Sooner or later, they will even provide credit score merchandise like PayTM Postpaid, Straightforward EMI and Flexi Pay.
“By this partnership, we will even be collectively delivering enhanced SmartHub options to the market. We imagine that that is the beginning of an amazing partnership and the cumulative energy of each HDFC Financial institution and Paytm will assist us strengthen our respective management positions,” Parag Rao, group head, funds, Consumer Finance, Digital Banking & IT, HDFC Financial institution, mentioned to TOI. SmartHub is the financial institution’s fee system designed with a mobile-first method.
The nation’s main bank card issuer with a spend share of over 27 per cent, HDFC Financial institution will likely be leveraging its community, merchandise and credit score appraisal capabilities with this partnership. In addition to that, this partnership will push funds in semi-urban and rural areas, and convey extra individuals into the formal banking system.