Paytm & HDFC Bank Tie Up to Provide Financial Solution to Merchants

HDFC Bank and Fintech major Paytm has announced that they have ventured into a strategic partnership. The partnership is initiated to drive innovative digital solutions for financial transformation in the country by combining their strengths in the banking, lending and digital payments space.

The amalgamation of HDFC Bank’s network, products and credit appraisal capabilities and Patym’s technological platform is likely to drive digital transformation in semi urban and rural India while bringing more people into formal banking channels.

Paytm has around 333 million users and 21 million merchants onboard. With more than 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 procuring businesses. It has a footprint of more than two million merchant acceptance points and 48 percent 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 percent.

With this partnership, Paytm & HDFC Bank is expecting to build comprehensive solutions across Payment Gateway, POS Machines and Credit Products that includes Paytm Postpaid which is Buy Now Pay Later (BNPL) solution, Eazy EMI and Flexi Pay, and more. The first leg of the partnership would include Payment Gateway and POS Solutions for Indian merchant partners. The partnership between Paytm and HDFC Bank eyes to empower the new businesses that have ventured online recently,  and to aid them to scale up further

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