Digital payments giant Paytm and private lender HDFC Bank has inked a strategic alliance in a bid to deliver financial solutions in India. As per the alliance, Paytm will be launching products across digital payments, lending and POS solutions. The joint network of both the institutions is likely to cater to a larger base of consumers.
“The fusion of HDFC Bank’s network, products, and credit appraisal capabilities and Patym’s technological platform will accelerate digital transformation in semi-urban and rural India while bringing more people into formal banking channels,” said the companies in a joint statement.
Under the partnership, Paytm and HDFC Bank will be building comprehensive solutions across payment gateways, POS machines, credit products such as Paytm Postpaid, Eazy EMI, Flexi Pay, and more.
In the first phase, companies will launch a payment gateway and POS solutions for Indian merchant partners.