Tag: Parag Rao

Paytm Payment Gateway waives off transaction fees on donations received by NGOs working for COVID relief
Business, News

Paytm and HDFC Bank announce strategic partnership for delivering financial solutions to end consumers and merchants across India

Aug 23, 2021 by Rekha Nair 0 Comments #Bhavesh Gupta, #CEO, #Consumer Finance, #COO, #Digital Banking & IT, #Group Head – Payments, #HDFC Bank, #Offline Payments, #Parag Rao, #Paytm Lending, #Renu Satti

Mumbai: India’s leading digital ecosystem for consumers and merchants (1), Paytm and India’s largest private sector bank, HDFC Bank, today announced that they have entered into a strategic partnership.

This brings together two market leaders who 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.

Paytm is India’s largest payments platform* with 333 million users and 21 million merchants onboard (1).

With over 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 acquiring businesses. It has a footprint of over two million merchant acceptance points and 48 per cent 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 per cent.

Through this partnership, Paytm & 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.

The first leg of the partnership will include Payment Gateway and POS Solutions for Indian merchant partners.

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.

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 it to its own customer base.

Talking about the partnership, Bhavesh Gupta, CEO, Paytm Lending said, “We are extremely delighted to partner with HDFC Bank, which has been one of the leaders in the retail lending space in our country for the last two decades. Together we aim to provide innovative digital lending & payment solutions for consumers and merchants alike. This partnership will further strengthen financial services ecosystem by bringing together our technology and digital solutions and HDFC Bank’s retail and credit prowess.”

Renu Satti, COO, Offline Payments, commenting on the partnership said, “Paytm’s reach in the offline & online merchant space and HDFC Bank’s retail influence, will aim for dynamic growth in the payments space. Paytm has a history of launching innovative products that have made way for the adoption of retail payments among various merchant partners. This partnership aims to bring innovative products focusing on affordability.”

Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank said, “As India’s largest issuing and acquiring bank, we have always endeavoured to personalise our offerings to customers-consumers, businesses and corporate houses. Through this partnership, we will also be jointly delivering enhanced SmartHub solutions to the market. We believe that this is the start of a great partnership and the cumulative strength of both HDFC Bank and Paytm will help us strengthen our respective leadership positions”.

HDFC Bank SmartHub solutions is an integrated platform offering merchants a one-stop solution shop for all their business needs-payments, banking, lending and segment-specific business solutions.

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Business World

Visa partners with DigitSecure and HDFC Bank for global-first live deployment of PCI certified Tap to Phone card acceptance solution

Nov 3, 2020 by Gouri Achary 0 Comments #DigitSecure, #HDFC Bank, #Parag Rao, #Sandeep Yadav, #Seshadri Kulkarni, #Shailesh Paul, #Visa

Visa (NYSE: V), the global leader in payments technology, today announced the first successful live deployment of a PCI certified Tap to Phonecard acceptance solution, in partnership with DigitSecure and HDFC Bank. DeliveryPlus is the first merchant to go live with HDFC Bank as an acquirer.

This solution enables merchants to securely accept contactless card payments in seconds through an app on their NFC-enabled Android smartphones, and without having dedicated card acceptance devices. In line with the ‘Make in India’ goal of local innovation, DigitSecure is the first company based in the Asia Pacific to receive PCI security certification for deploying this technology.

Tap to Phone technology will significantly lower the operational costs for financial institutions by migrating merchant onboarding, account provisioning and security to PCI certified payment acceptance cloud. This in turn will aid banks and fintech to enable more merchants for card acceptance.

Cardholders will be able to tap their contactless cards and near-field communication-enabled smartphones on a merchant’s Android smartphone for fast, safe and secure transactions. With this deployment, India joins a list of more than 15 markets that now provide the Visa Tap to Phone technology for merchants to accept contactless card payments.

Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said, “The pandemic has accelerated the need for businesses to embrace safe, secure and contactless payments. In line with our global commitment of digitizing 50 million small businesses, we’re delighted to do the first deployment of a PCI-certified Tap to Phonecard acceptance solution in partnership with HDFC Bank and DigitSecure, to offer easily accessible and asset-light, cost-effective solutions to merchants. As more Indians adopt contactless forms of payments, merchants across the country can now easily use their mobile phones as a digital payment acceptance device.”

Commenting on the partnership, Seshadri Kulkarni, CEO at DigitSecure said, “It is becoming increasingly necessary for merchants of all types and sizes to offer contact-free digital payments at all customer interactions points. With DigitSecure’s PCI Certified App-first SoftPos platform with ready global processing integrations, financial institutions can quickly enable small businesses for card acceptance at a small fraction of cost and time.

Global businesses will find the platform compelling for it helps deliver consistent customer experience by way of minimal integrations and changes. We believe tap on phone technology will create a new paradigm in digital payments empowering small and on-the-go businesses to offer contactless payments to customers.”

Parag Rao, Country Head for Payments, Business, Consumer Finance, Digital Banking and Marketing, HDFC Bank said “The prevailing circumstances have hastened the need to deepen the digital payment ecosystem in the country. The MSMEs and merchant segments form a critical backbone of the economy and it is imperative that they have access to the latest platforms available to enable digital payments. This global first Tap to Phone deployment, using smartphones, is part of our endeavour to provide affordable platforms for small merchants.”

Sandeep Yadav, CEO, DeliveryPlus, said: “As an e-com delivery services provider, we are able to scale quickly without incurring additional capital costs with DigitSecure SoftPoS Platform capability to process multiple merchants in different categories on the same device.”

As per a recent Visa study, about 55% of consumers surveyed in India during the pandemic mentioned that they would likely use the Tap to Phone payment method due to its ease of use, saving of time and eliminating the need to carry cash. This reaffirms the need for and confidence in contactless payments.

Visa and DigitSecure have also entered into a strategic partnership to empower small businesses and enterprise merchants. DigitSecure has integrated its Tap to Phone solution with Visa’s Cybersource platform to provide a single connection for omnichannel commerce solution across segments, use cases, channels and payment modes.

Visa will continue to work with clients, partners and fintech in India to support SMBs (Small and Micro Businesses) to delivering better payment experiences for both merchants and consumers.

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Business World

HDFC Bank Partners with Adobe to Enhance Digital Customer Experiences

Aug 27, 2020 by Gouri Achary 0 Comments #Adobe Experience Manager (AEM), #Adobe., #Digital Experience Business, #HDFC Bank, #India Head, #Nitin Singhal, #Parag Rao

New Delhi, August 27, 2020: HDFC Bank today announced a strategic partnership with Adobe to enhance the digital experience journey of its customers. Powered by Adobe Experience Cloud solutions, this partnership will enable HDFC Bank to deliver personalised digital experiences to existing as well as new customers, at any time and anywhere. As a result, HDFC Bank’s customers can now look forward to:

• Using any device of choice to do an array of end-to-end transactions
• Opening an account digitally without visiting a branch
• Applying for loans digitally from home 24 by 7
• Managing investments without any physical interface

Commenting on the partnership, Parag Rao – Country Head – Payments, Consumer Finance, Digital Banking and Marketing, HDFC Bank said, “The association with Adobe comes at a time when digital has become an all-important bridge between customers and businesses. The pandemic and lockdown has given further impetus on our efforts to leverage digital platforms to offer a personalised experience to our customers. We are happy to state that the partnership will enable us to add the next level of personalisation of services and complement our efforts to create a customer-centric bank backed by cutting edge technology.”

“With the rapid advancement in the digital economy, we are seeing companies steer their
focus towards developing solid digital transformation strategies towards delivering exceptional
customer experiences across every touchpoint, “ said Nitin Singhal, India Head, Digital
Experience Business, Adobe. “We are excited to partner with HDFC Bank in their
transformation journey towards digital banking, and are confident that Adobe Experience
Cloud solutions will go a long way in helping them deliver personalised and seamless
experiences for end-customers.”

HDFC Bank has been at the forefront of leveraging digital and technology platforms to offer products and services with zero or minimal physical interface. It has already curated seamless
digital journeys for customers with innovative offerings like 10- second personal loans, Zip
Drive and Zip Ride for four and two-wheelers loans, Insta Account, and more. Through this partnership with Adobe, HDFC aims to further its customers’ digital experiences to in this increasingly online world.

Adobe Experience Manager (AEM) Forms will allow HDFC Bank to provide personalised online experiences to its existing and new customers. Further, existing solutions such as Adobe Analytics and Adobe Target will help the bank derive insights and deepen personalised services to customers. Platforms like Data Management Platform in Adobe Audience Manager will help HDFC Bank develop a deeper understanding of customers. The rich data will enable the bank to deliver focussed campaigns and communication to the customer  through email, mobile, off-line channels and more.