Mumbai : Paytm and HDFC Bank, today announced that they 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.
Paytm is India’s largest payments platform* with 333 million users and 21 million merchants onboard (1).
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. It remains the number one credit card issuer in the country with a spend share of over 27 per cent.
Through this partnership, Paytm & HDFC Bank will build comprehensive solutions across Payment Gateway, POS Machines and Credit Products including Paytm Postpaid which is Buy Now Pay Later (BNPL) solution, Eazy EMI and Flexi Pay, and more. The first leg of the partnership will include Payment Gateway and POS Solutions for Indian merchant partners.The partnership between Paytm and HDFC Bank will aim to empower the new businesses, which have recently ventured online, and enable them to scale up further.
Talking about the partnership, Bhavesh Gupta, CEO, Paytm Lending said, “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.”
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”.