With a view to drive digital payment adoption among the merchant segment, HDFC Bank has launched cashback offers and other incentives for small and medium-sized merchants across the metro, semi-urban and rural markets.
A merchant using the bank's merchant App, QR code, PoS or Payment gateways, across all segments, including electronics, apparel, grocery, stand to win assured cashback and prizes on volume build-up, EMI or digital transactions.
"This is a first for the bank, where we are extending the festive treats campaign for even the entire small and medium merchants in our network across the country. This programme is not just for merchants based in metros, but also in semi-urban and rural markets," HDFC Bank Head - Payments, Consumer Finance, and Digital Banking Parag Rao told PTI.
To further deepen the adoption of various digital payment forms across India, it is important that the merchant network is empowered with the best solution range and is also encouraged as well as incentivised for this change in behaviour, as this change is a critical step towards Digital India, he said.
"The small and medium merchants form a critical backbone of our merchant network. If merchants are enthused about using digital payment forms, it will give a further push to the usage of electronic payments by customers," he added.
The largest private sector lender is a leading player in the merchant acquiring space in the country and it has set an aggressive target of increasing its network of small merchants to 20 million in the next three years.
The bank is targeting merchants with solutions on accepting payments, providing value-added services like creating a simple website for them, taking care of their inventory and lending based on cash flows.
HDFC Bank processes 48 per cent of the overall digital transaction at merchant level in terms of volumes through cards and about a fourth through UPI (Unified Payments Interface).
"The small and medium-sized merchant network is the railroads on which we will further drive the adoption of digital payments across the length and breadth of the country," Rao said.
The incentive to merchants will be based on growth in overall volume, driving EMI to consumers on credit and debit cards and encouraging digital transactions through UPI. BQR, SMS Pay.
The offer is a combination of assured cashback and gifts on merchants either achieving 30 per cent growth on EMI and overall acquiring volume processed through HDFC Bank solutions or by doing minimum 30 digital transactions on SmartHub merchant app.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU