Paytm, the IPO-bound digital payments company, and HDFC Bank, India’s largest private sector bank, announced a strategic partnership to develop comprehensive solutions across payment gateways, point of sale machines, and credit products, including Paytm Postpaid, which is a Buy Now Pay Later (BNPL) solution, Eazy EMI, and Flexi Pay.
The goal of the cooperation is to empower and grow up new firms that have recently gone online. Paytm and HDFC Bank are collaborating on two broad point-of-sale (PoS) services.The first would see HDFC Bank drive merchant ties across India, with Paytm offering its existing line of Android POS systems to these businesses.
HDFC Bank’s salespeople will begin marketing Paytm’s payment solutions in the market as a result of this. The payment partner will be HDFC Bank, and the distribution and software partner will be Paytm. Second, Paytm and HDFC Bank will collaborate to launch a co-branded point-of-sale (PoS) product in the retail space, with Paytm having the option to offer it to its own customers.
“Paytm’s offline and online merchant reach, as well as HDFC Bank’s retail clout, will drive dynamic growth in the payments market. Paytm has a history of delivering innovative solutions that have paved the path for merchants to accept retail payments. Renu Satti, COO, Offline Payments, stated, “This alliance intends to provide innovative products concentrating on affordability.”