Online payment platform Paytm has announced a strategic partnership with HDFC Bank. With the new partnership, the duo seeks to combine their strengths in the banking, lending, and digital payments space and drive digital solutions for financial transformation in the country.
Through this partnership, Paytm and HDFC Bank will build comprehensive solutions across payment gateway, PoS (Point of Sales) machines and credit products including Paytm Postpaid. The Paytm Postpaid is Buy Now Pay Later (BNPL) solution with easy EMI and flexi pay options. The first leg of the partnership will include payment gateway and PoS solutions for merchant partners across the country. It also aims to empower the new businesses and enable them to scale up further.
Will bring two broad PoS offerings
As part of the partnership, HDFC Bank will drive merchant partnerships across India. Paytm will offer its existing range of Android PoS devices to these merchants. So, while HDFC Bank will be the payment partner, Paytm will be the distribution and software partner.
The duo will jointly launch a co-branded PoS product in the retail segment, which Paytm will have the option to offer to its own customer base.
“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”, said Paytm in a press statement.
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