Fintech main Paytm on Monday introduced a strategic partnership with India’s largest non-public sector lender HDFC Bank whereby the 2 corporations will present modern digital options for monetary transformation by combining their strengths in banking, lending, and digital funds house.
The newest transfer comes practically every week after the Reserve Bank of India (RBI) allowed the non-public sector lender to start out issuing new bank cards.
In a press release, Paytm stated that via this partnership, the 2 monetary establishments will construct complete options throughout cost gateway, POS machines and credit score merchandise together with Paytm Postpaid which is a purchase now pay later (BNPL) resolution, straightforward EMI and Flexi pay, and extra.
The first leg of the partnership will embody cost gateway and POS options for Indian service provider companions. Apart from this, the Paytm – HDFC Bank partnership will purpose to empower new companies which have lately ventured on-line and allow them to scale up additional.
As per the deal, there shall be two POS choices –
1. HDFC Bank shall be driving service provider partnerships throughout India, to whom Paytm will supply its present vary of Android POS gadgets. Through the partnership, HDFC Bank’s salespersons will begin promoting Paytm’s cost options available in the market. HDFC Bank would be the cost accomplice, whereas Paytm would be the distribution and software program accomplice.
2. Paytm and HDFC Bank will collectively launch a co-branded POS product within the retail phase, which Paytm will supply to its personal buyer base.
“We are extremely delighted to partner with HDFC Bank, which has been one of the leaders in the retail lending space in our country for the last two decades. Together we aim to provide innovative digital lending & payment solutions for consumers and merchants alike. This partnership will further strengthen financial services ecosystem by bringing together our technology and digital solutions and HDFC Bank’s retail and credit prowess,” Bhavesh Gupta, CEO at Paytm Lending stated within the assertion.
Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT at HDFC Bank stated “As India’s largest issuing and acquiring bank, we have always endeavoured to personalise our offerings to customers-consumers, businesses and corporate houses. 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.”
