HDFC Bank is taking on competition from fintech and payment companies with its SmartHub Vyapar Merchant app, a payments and banking solution for merchants’ daily business needs.
The app allows merchants to accept interoperable payments across multiple modes, including cards – tap and pay, UPI, and QR code, and enables instant, digital and paperless merchant onboarding for bank’s customers. According to the company, merchants can also accept remote payments by sending a payment link via mobile or email.
SmartHub Vyapar App has been developed by HDFC Bank in partnership with Mintoak Innovations India, a merchant SaaS platform.
Raja Upadhyay, zonal head, HDFC Bank, said the lender has been adding 75,000 merchants every month and the app would be reaching one million merchant points this month. The bank is looking at enabling seven million merchant acceptance points by the end of the current financial year.
Upadhyay said a survey conducted by the bank has indicated that merchants were struggling with multiple payment options, tracking multiple banking transactions, reconciliation of accounts, not having a single point of contact for resolving issues, diminishing margins of their business and loss of business to e-commerce. So the effort was to offer a single view of all transactions on the bank and offer both payment solutions and banking solutions on a single platform.