The fintech giant Paytm and country’s largest private bank HDFC Bank has announced that they have entered into a strategic partnership on Monday.
The partnership is focused to drive innovative digital solutions for financial transformation in the nation by combining their strengths in the banking, lending and digital payments.
The synthetic of HDFC Bank’s network, products and credit appraisal capabilities and Paytm’s technological platform will boost digital transformation in semi urban and rural India while bringing more people into formal banking channels.
Paytm has 333 million user base and 21 million merchants onboard.
HDFC Bank with over 50 million card customers of both credit and debit cards is a strong player in the payments ecosystem with leadership in both credit card issuing and acquiring businesses.
The bank has a legacy of over two million merchant acceptance points and 48 percent business market share on merchant acquiring volume.
HDFC Bank remains the number one credit card issuer in India with a spend share of over 27 percent.
Paytm & HDFC Bank through this collaboration, will build broad solutions across Payment Gateway, POS Machines and Credit Products that also includes Paytm Postpaid that is BNPL solution (Buy Now Pay Later), Eazy EMI & Flexi Pay, and much more.
The first stage of the collaboration will include Payment Gateway and POS Solutions for Indian sub-continent merchant partners.
The Paytm and HDFC Bank partnership will focus to emancipate the new businesses that have lately ventured online and enables them to scale up further.