HDFC Bank, Paytm Partnered to Offer Payment Solutions

HDFC Bank Ltd, India’s largest private

Bank, and Paytm, made a partnership to

Share their network and provide digital

Lending and payment solutions for

Consumers and merchants across India.

Objective: To create digital Transformation in semi-urban and rural

India, and involve more people in the

Formal banking system.

Key Points:

i.Under the partnership, HDFC Bank will

act as the payment partne, while Paytm

will be the distribution and software

partner.

ii.A co-branded point of sale (POS)

product in the retail segment was jointly

launched by Paytm and HDFC Bank. The

product would be offered by Paytm to its customer base.

ii.They will provide the payment gateway

and POS solutions for Indian merchant

partners such as Paytm Postpaid (a Buy

Now Pay Later (BNPL) solution), Eazy

EMI, and Flexi Pay.

iii.Through the tie-up, Paytm will offer its

existing range of Android POS devices to

the merchants who are in partnership

with HDFC Bank. HDFC Bank will also sell

Paytm’s payment solutions.

v.Enhanced SmartHub solution will be delivered through the partnership.

SmartHub solution is an integrated

Payment solution of HDFC Bank for

Merchants, which will enable them to

Collect payments through multiple

Payment modes.

vi. The partnership was made prior to the proposed Initial Public Offering (IPO) of Paytm, through which it plans to raise Rs 16,600 crore within 2021.

vii.Customer base: Paytm has more than

333 million users and 21 million

Merchants on its platform. HDFC Bank

Has more than 50 million credit card and About HDFC Bank:

It was the 1st bank to receive approval

From the Reserve Bank of India (RBI) to

Set up a private sector bank.

Establishment 1994

Headquarters Mumbai, Maharashtra

MD &CEO Sashidhar Jagdishan

About Paytm:

Headquarters Noida, Uttar Pradesh

Founder & CEO Vijay Shekhar Sharma

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