Private lender HDFC Bank today launched India’s first comprehensive banking and payment solution for merchants titled SmartHub Merchant Solutions 3.0.
This first-of-its-kind solution enables merchants and self-employed professionals to open a current account instantly and begin accepting payments in-store, online, and on-the-go.
According to the lender, the solution is comprehensive for merchants and will enable the Bank to reach out to over 20 million small & medium merchants and also professional services such as doctors, pharmacies, salons and laundry services across metro, semi urban and rural India in the next 3 years.
The merchant solution was unveiled during a virtual event held in Mumbai by Parag Rao, Country Head – Payments, Consumer Finance, Marketing and Digital Banking at HDFC Bank along with T R Ramachandran, Group Country Manager, India and South Asia, Visa.
For the merchants, SmartHub 3.0 will be available in multiple forms such as app based, web-based and also a range of PoS devices. It is likely to enable efficiencies in the business for them.
“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.