Paytm and HDFC Bank has announced a strategic partnership for delivering financial solutions to end consumers and merchants across India. This partnership will launch innovative products across digital payments, lending and POS solutions, a statement released by the companies said.

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"These two market leaders will drive innovative digital solutions for financial transformation in the country by combining their strengths in the banking, lending and digital payments space. 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," the statement said.

Through this partnership, Paytm and HDFC Bank will build comprehensive solutions across payment gateway, POS machines and credit products including Paytm postpaid which is Buy Now Pay Later (BNPL) solution, Eazy EMI and Flexi Pay, and more.

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The first leg of the partnership will include Payment Gateway and POS solutions for Indian merchant partners, the press release said.

The partnership between Paytm and HDFC Bank will aim to empower the new businesses, which have recently ventured online, and enable them to scale up further, it stated.

Paytm and HDFC Bank are coming together for two broad POS offerings:

- HDFC Bank will drive merchant partnerships across India, to whom Paytm will offer its existing range of Android POS devices. Through the partnership, HDFC Bank's salespersons will start selling Paytm’s payment solutions in the market. HDFC Bank will be the payment partner, while Paytm will be the distribution and software partner.

- Paytm and HDFC Bank 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.

First Published:Aug 23, 2021 8:14 AM IST