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HDFC Bank in Partnership with Visa Launches ‘SmartHub Merchant Solutions 3.0’, India’s 1st Comprehensive Banking and Payment Solution for Merchants

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HDFC Bank Launches SmartHub Merchant Solutions 3-0On November 11, 2020 HDFC Bank in Partnership with Visa launched ‘SmartHub Merchant Solutions 3.0’, India’s first comprehensive banking and payment solution for merchants.  This first-of-its-kind solution offers the ideal platform for merchants and self-employed professionals to open a current account instantly and to accept payments in-store and online.

Targeted Customer– Merchants and Self-employed Professionals

Key People:

The solution was by Mr Parag Rao, Country Head – Payments, Consumer Finance, Marketing and Digital Banking at HDFC Bank along with Mr T R Ramachandran, Group Country Manager, India and South Asia, Visa at a virtual event held in Mumbai, Maharashtra.

Points to be Noted:

i.The comprehensive merchant solution enables the bank to approach over 20 million small & medium merchants and professional services like doctors, pharmacies, salons and laundry services across metro, semi urban and rural India in the next 3 years.

ii.The solution for the merchants will be available in multiple forms like, app based, web based and also a range of PoS(Point of Sale) devices, which enables efficiencies in business

Key Features of ‘SmartHub Merchant Solutions 3.0’:

Payment collection

The solution facilitates payment collection through any mode like Bharat QR (Quick Response) code, Aadhaar Pay, UPI(Unified Payments Interface), SMS((Short Messaging Service) Pay, Credit or Debit Cards, or any app such as Payzapp, Google Pay

9 languages & Product Catalogue 

In 9 languages, the users can customise interface. The product catalogue can be shared with customers through SMS, email or Whatsapp

Single dashboard

The payments and dues across location can be viewed in a single dashboard.

Segment specific Value Added services

It has Segment specific Value Added services including inventory management for grocery merchants, EMI for Electronic merchants, billing, inventory and reminders for pharmaceutical merchants among others.

Creation of customer loyalty program & ‘discounts and offers’ for customers

On this solution, Merchants can create their own customer loyalty program.

They can also run their own ‘discounts and offers’ for their customers

Note– HDFC Bank began working on this solution 18 months ago

Additional Info:

HDFC Bank processes 48% of the overall card transactions at merchant level in terms of volumes and about a fourth through UPI.

Key Info:

Recently, Visa in partnership with DigitSecure and HDFC Bank deployed World’s 1st live PCI certified Tap to Phone card Acceptance solution

Recent Related News:

On September 25, 2020 Fino Payments Bank Limited(Fino Payments Bank) in association with fintech partners has introduced Near Field Communication(NFC)-based contactless payments solution for mass transit systems, particularly for state bus transport services in India. It was developed by Fino Payments Bank in partnership with fintech firms like City Cash.

About HDFC Bank:
Incorporated– August 1994
Headquarters – Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)–  Sashidhar Jagdishan(Succeeds Aditya Puri)
Tagline– We understand your world

About Visa:
Headquarters– California, United States
Chairman and CEO– Alfred F. Kelly, Jr.