Online payment platform Paytm with this new strategic partnership help Paytm and HDFC to combine the strength in banking lending and digital payments space along with all the Digital solutions for financial transformation in the country both will build comprehensive solutions.
It also aims to empower the new businesses and make them capable to scale up further.
Now the Paytm postpaid is a buy pay later solution with easy EMI and Flexi pay options.
And this partnership will accelerate the transformation in semi-urban and rural India. HDFC Bank has more than 50 million debit and credit consumers and 2 million Merchant acceptance points while Paytm has more than 333 million users and 21 million Merchant.
Co-branded retail POS product also planned to be launched by Paytm in HDFC Bank as stated in the report.
Paytm lending CEO BHAVESH GUPTA stated: “Together we aim to provide innovative digital lending and payment solutions for consumers and merchants alike.” He also stated that this strategic partnership will bring together our technology and Digital solutions and HDFC Bank retail and credit expertise. At the end of October Paytm is expected to launch India’s largest IPO.
HDFC Bank Group head payments, consumer Finance, digital banking and IT Parag Rao stated in a report “we believe that this is the start of a great partnership and progressive strength of both HDFC Bank and Paytm will help us strengthen our respective leadership positions.”
