HDFC Bank unveils digital payment solution for merchants

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HDFC Bank launched SmartHub Merchant Solutions 3.0, a comprehensive banking and payment solution for merchants. Merchants and self-employed professionals now can instantly open a current account and start accepting payments in-store, online and on-the-go.

The merchant solution will enable the bank to reach out to more than 20 million small and medium merchants, professional services like doctors, pharmacies, salons and laundry services over the next three years. The merchant solution was launched at a virtual event in Mumbai by Parag Rao, country head , payments, consumer finance, marketing and digital banking along with TR Ramachandran, group country manager, India and South Asia, Visa.

Merchants can access SmartHub 3.0, in multiple forms such as on app, web and also 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.

“Small and medium businesses are the backbone of our economy. We are delighted to launch SmartHub 3.0 for them,” said Rao, while Ramachandran, added, “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.”