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IPO-bound Paytm, the country’s largest payments platform, and HDFC Bank, the largest private sector bank, have entered into a strategic partnership.
This brings together two market leaders who will drive innovative digital solutions for financial transformation in the country by combining their strengths in the banking, lending and digital payments space.
The fusion of HDFC Bank’s network, products and credit appraisal capabilities and Patym’s technological platform will accelerate digital transformation in semi urban and rural India while bringing more people into formal banking channels.
Partnership
Talking about the partnership, Bhavesh Gupta, CEO, Paytm Lending said in a statement, “Together we aim to provide innovative digital lending and 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.”
Renu Satti, COO, Offline Payments, said, “Paytm’s reach in the offline and online merchant space and HDFC Bank’s retail influence, will aim for dynamic growth in the payments space. Paytm has a history of launching innovative products that have made way for adoption of retail payments among various merchant partners. This partnership aims to bring innovative products focusing on affordability.”
Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank said, “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”.
HDFC Bank SmartHub solutions is an integrated platform offering merchants a one stop solution shop for all their business needs-payments, banking, lending and segment specific business solutions.
Paytm , which has filed a draft offer document with SEBI for an Initial Public Offering (IPO), is India’s largest payments platform with 333 million users and 21 million merchants onboard
With over 50 million card customers (both credit and debit cards) HDFC Bank is a strong player in the payments ecosystem with leadership in both credit card issuing and acquiring businesses. It has a footprint of over two million merchant acceptance points and 48 per cent business market share on merchant acquiring volume.
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