online payment platform Paytm has announced a strategic partnership with HDFC bank. With the new partnership, the two seek to combine their strengths in banking, lending and digital payments and drive digital solutions for financial transformation in the country.
Through this partnership, Paytm and HDFC Bank Will create comprehensive solutions on payment gateways, POS (Point of Sales) machines and credit products including Paytm Postpaid. NS Paytm Postpaid There is a Buy Now Pay Later (BNPL) solution with easy EMI and Flexi Pay options. The first phase of the partnership will include payment gateways and POS solutions for merchant partners across the country. It aims to empower new businesses and enable them to grow.
Will bring two comprehensive PoS offerings
As part of the partnership, HDFC Bank will run merchant partnerships across India. Paytm will be offering its existing Android POS devices to these merchants. Hence, while HDFC Bank will be the payment partner, Paytm will be the distribution and software partner.
The two will jointly launch a co-branded PoS product in the retail segment, which Paytm will have an option to offer to its customer base.
“The merger of HDFC Bank’s network, products and credit appraisal capabilities and Paytm’s technology platform will accelerate the digital transformation in semi-urban and rural India and bring more people to formal banking channels,” Paytm said in a press statement.
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