Paytm and HDFC Bank has launched a strategic alliance to provide financial services throughout India. The IT behemoths will roll out products in the areas of digital payments, lending, and point-of-sale systems. Both organizations’ combined network is projected to have a large reach.
Paytm and HDFC Bank will work together to develop complete solutions that include payment gateways, POS machines, and credit products such as Paytm Postpaid, Eazy EMI, Flexi Pay, and more.
The companies will roll out a payment gateway and POS systems for Indian merchant partners in the first phase.
Paytm will offer its existing line of Android POS systems to merchants who collaborate with the lender, according to the firms. Salespeople from HDFC Bank will begin marketing Paytm’s payment options in the market.
Paytm and HDFC Bank will also collaborate on a co-branded POS device for the retail sector, which Paytm will be able to sell to its customers.
With 333 million customers and 21 million merchants on board, Paytm is one of the country’s leading payment networks. One of the largest private lenders is HDFC Bank. It has a total of 50 million cardholders, both credit, and debit.