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HDFC Bank on Thursday launched SmartHub Vyapar Merchant app, a payments and banking solution for merchants’ daily business needs.
The app allows merchants to accept interoperable payments across multiple modes, including cards — tap and pay, UPI, and QR code, and enables instant, digital, and paperless merchant onboarding for bank customers. According to the company, merchants can also accept remote payments by sending a payment link via mobile or email.
“The MSME [micro, small and medium enterprises] sector generates the most employment in the country and by empowering this sector we can help empower a large segment of society. We have created a new app to meet every need of the merchant and bring efficiencies to their banking and business ecosystem. The aim is to solve the difficulties faced by merchants in their day-to-day business, help them grow their business, and deepen our reach across India and connect with trade hubs,” said Parag Rao, Country Head – Payments, Consumer Finance, Technology and Digital Marketing.
The app has an inbuilt voice feature that notifies the merchant of successful transactions, eliminating the need for a separate device to receive voice-based notifications, said the company.
With more than 75,000 active merchants added every month, the bank expects to reach one million merchant acceptance points this month. According to the company, SmartHub Vyapar will be the bank’s lead offering in enabling seven million merchant acceptance points by the end of this financial year.
HDFC Bank has developed the app in collaboration with Mintoak Innovations India, a merchant SaaS platform with a modular product offering to help banks connect with merchants.
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