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As per the official statement, Paytm it has has with 333 million users and 21 million merchants onboard. While talking about the HDFC Bank, it has over 50 million card customers (both credit and debit cards).
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Digital payment company Paytm in association with private sector bank, HDFC, entered into a strategic partnership, to drive innovative digital solutions for financial transformation in India by combining their strengths in the banking, lending, and digital payments space.
The combination of Patym’s technological platform and HDFC Bank’s network, products and credit appraisal capabilities will drive digital transformation in semi-urban and rural areas of the country, and will also bring more people into formal banking channels.
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 the financial services ecosystem by bringing together our technology and digital solutions and HDFC Bank’s retail and credit prowess.”
As per the official statement, Paytm has 333 million users and 21 million merchants onboard. While talking about the HDFC Bank, it has over 50 million card customers (both credit and debit cards).
Parag Rao, Group Head, Payments, Consumer Finance, Digital Banking & IT, HDFC Bank said, “As India’s largest issuing and acquiring bank, we have always endeavored to personalize 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.”
The first step of this latest partnership is going to include Payment Gateway and POS Solutions for Indian merchant partners, which further will aim to empower the new businesses, which have recently ventured online, and enable them to scale up further.
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.”