Tag: TR Ramachandran

Business World

HDFC Bank launches SmartHub Merchant Solutions 3.0

Nov 11, 2020 by Gouri Achary 0 Comments #HDFC Bank, #merchants, #Mr. Parag Rao, #self-employed professionals, #SmartHub 3.0, #SmartHub Merchant Solutions 3.0, #TR Ramachandran

HDFC Bank today announced the launch of India’s first comprehensive banking and payment solution for merchants – SmartHub Merchant Solutions 3.0. This first-of-its-kind solution allows merchants and self-employed professionals to instantly open a current account and start accepting payments in-store, online, and on-the-go.

The comprehensive merchant solution will enable the Bank to reach out to more than 20 million small & medium merchants and also professional services like doctors, pharmacies, salons and laundry services across the metro, semi-urban and rural India in the next 3 years.

The merchant solution was launched at a virtual event held in Mumbai by Mr Parag Rao, Country Head – Payments, Consumer Finance, Marketing and Digital Banking at HDFC Bank along with Mr T R Ramachandran, Group Country Manager, India and South Asia, Visa.

For the merchants, SmartHub 3.0 will be available in multiple forms – app-based, web-based and also a range of PoS devices. The comprehensive solution will enable efficiencies in the business for them. For example, features like digitizing Khata, enabling collection reminders, inventory management, billing software and lending to merchants’ basis their banking history.

Click here to join SmartHub 3.0 – https://hdfcbank.com/smarthub

To know more, watch a video on SmartHub 3.0 by clicking here: https://youtu.be/r5Xtabl-sHo

Key features of SmartHub Merchant Solutions 3.0 include:

  1. Instant account opening and merchant setup
  2. Payment collection through any mode – Bharat QR code, Aadhaar Pay, UPI, SMS Pay, Credit or Debit Cards, or any app such as Payzapp, Google Pay
  3. Customise interface in 9 languages
  4. Share product catalogue with customers via SMS, email or Whatsapp
  5. View and apply for loan and credit card offers
  6. Single dashboard view of payments and dues across locations
  7. Segment specific Value Added services like inventory management for grocery merchants, EMI for Electronic merchants, billing, inventory and reminders for pharmaceutical merchants to name a few
  8. Merchants can also create their own customer loyalty program on this solution. They can run their own ‘discounts and offers’ for their customers.

“Small and medium businesses are the backbone of our economy. We are delighted to launch SmartHub 3.0 for them,” said Mr Parag Rao, Country Head – Payments, Consumer Finance, Digital Banking and Marketing. “To further deepen the penetration of digital forms of payment across India, it is important that the merchant network is empowered with the best range of solutions. Greater adoption of digital platforms by small and medium businesses is a critical step in achieving the objective of Digital India. We embarked on this journey 18 months ago and have enhanced our offering based on feedback from our merchant network. SmartHub 3.0 is a comprehensive digital platform solution that we believe will fulfil every need of a merchant or a professional service; be it in large metros or rural areas.”

“We are delighted to partner HDFC Bank in pursuing our shared objective of expanding the digital acceptance footprint across India. SmartHub 3.0 offers the ideal platform for small merchants and self-employed professionals to join the digital ecosystem through an easy, convenient and secure solution. It allows users to accept payments in multiple forms, including QR and our newly launched tap to phone solution, allowing millions of merchants to offer a superior customer experience and grow the business,” said TR Ramachandran, Group Country Manager, India & South Asia, Visa.

HDFC Bank is the leading player in the merchant acquiring space in the country. It processes 48% of the overall card transactions at merchant level in terms of volumes and about a fourth through UPI (Unified Payments Interface).

Business World

Axis Bank launches ACE Credit Card, in collaboration with Google Pay & Visa

Oct 12, 2020 by Gouri Achary 0 Comments #ACE Credit Card, #Ambarish Kenghe, #Axis Bank, #Google Pay & Visa, #Sanjeev Moghe, #TR Ramachandran

With consumer preference for digital payments growing steadily over the last several years, Axis Bank, in collaboration with Google Pay and Visa, today launched the ACE Credit Card. The card is designed for the growing base of users keen to participate in the digital economy. Payments for essential use cases like mobile recharges, bill payments made via Google Pay earn users 5% in cashback. Users also get 4%-5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides for transactions made on partner merchants’ platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola. There is also an unlimited 2% cashback on all other transactions*, making it one of the most rewarding credit cards in its segment.

The ACE Credit Card is aimed at bringing a seamless, digital experience to users,  starting from application to issuance, with the entire user journey for the credit card application being completed digitally. Users will be able to get cashback directly into their ACE Credit Card accounts. The tokenization feature enabled in partnership with Visa, will allow Google Pay users to use their ACE Credit Card to make payments through a secure digital token attached to their phone without having to physically share their card details.

Commenting on the launch, Sanjeev Moghe, EVP & Head, Axis Bank Cards & Payments said: “We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are delighted to have collaborated with Google Pay and Visa to launch the ACE Credit Card, one of the most rewarding credit cards in its segment, that not only offers exclusive benefits and rewards but is also designed to suit the needs of the users who want to participate in the digital economy, offering frictionless onboarding and usage experience. This collaboration and product construct will help us widen our footprint through Google Pay and broaden credit card penetration, contributing to our commitment towards the vision of Digital India and the country’s evolution to a less-cash society”.

Ambarish Kenghe, Senior Director – Product Management, Google Pay added, “We are excited to work with Axis Bank and Visa, to build on our efforts to bring helpful new features and products to our users. With ACE Credit Card, we are bringing a seamless application experience that is designed keeping the needs of users in mind. We’re hopeful that this simplicity will bring even more users into the fold of digital payments, and help more users get access to credit. Users will start seeing the ‘Credit Card’ option in their Google Pay app as we start rolling this offering out across India. We will continue to refine the product as we get inputs from the users.”

Commenting on the launch, TR Ramachandran, Group Country Manager, Visa, India & South Asia said, “Consumer attitudes towards credit cards are fast changing. This, combined with the large headroom that exists for expanding credit access and affordability, represents a significant opportunity. Today’s digital-first consumers expect simple, secure and intuitive payment experiences from credit cards – from application to issuance and transactions to rewards, and in online, in-app or in-store environments. We are excited to partner with Google Pay and Axis Bank to launch the ACE Credit Card, to enable secure, convenient and compelling product experiences for today’s customer.”

The reward structure of the card is appended. The ACE Credit Card can be availed by eligible users through the Google Pay app.

Joining Fees Rs. 499 – Waived for all applicants in 2020

In 2021, joining fee reversed if spends exceed Rs 10,000 within 45 days of issuance
Annual Fees Rs. 499 (applicable from second year of use)

Annual fee waiver at Rs 2 lakh spends in the year
Cashback Unlimited 5% cashback on Recharges & Bill Pay transactions (electricity, internet, gas, DTH, mobile recharge, and more) through Google Pay

Unlimited 4% cashback on online food delivery – Zomato, Swiggy, and cab rides – Ola

Unlimited 2% on all other transactions (exclusion of EMI, wallet load, cash withdrawal and fuel transactions)
Fuel Surcharge waiver 1% fuel surcharge waiver (valid for transactions between Rs 400 and Rs 4,000. Max benefit up to Rs 500 per month)
Limited Time Offers ●   Joining fee of Rs 499 waived for users who apply in 2020

●   Unlimited 5% cashback on Grofers & BigBasket

●   Rs 500 cashback after 3 transactions (min Rs 500 each) within 45 days of card issuance
Lounge Benefit Complimentary lounge access 4 times a year at participating domestic airports

* All transactions except EMIs, Cash withdrawals, Fuel, Wallet loads earn 2% cashback

# Transactions made on Google Pay