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HDFC Bank launches SmartHub Merchant Solutions 3.0, country's first banking solution for merchants

IBEF:  November 12, 2020

On Wednesday, HDFC Bank introduced SmartHub Merchant Solutions 3.0, the first integrated banking and payment solution for retailers in the globe.

This solution allows retailers and self-employed professionals to open a current account quickly and begin to accept in-store, online, and on-the-go payments.

Through this holistic approach, the bank aims to target more than 20 million small and medium merchants and other professional services throughout the metro, semi-urban and rural areas over the next three years.

SmartHub 3.0 will be available in several different formats, such as application-based, web-based and a number of point of sale (PoS) devices, which will allow business efficiencies.

"The core of our economy is small and medium-sized enterprises. We are pleased to launch SmartHub 3.0 for them,” said Mr. Parag Rao, HDFC country manager, payments, consumer finance, digital banking and marketing.

"Greater adoption by small and medium enterprises of digital platforms is a crucial step in achieving Digital India 's target," he said.

With this integrated digital platform solution, merchants, and professional services in major metros as well as rural areas will be able to meet any need.

SmartHub 3.0 provides the ideal forum to enter the digital ecosystem through a simple, convenient and safe solution for small merchants and self-employed professionals, "said Mr. TR Ramachandran, group country manager, India and South Asia, Visa.

The solution enables customers to accept payments in various ways, including rapid response code (QR) and our newly introduced tap-to-phone solution, enabling millions of retailers to provide superior customer service and business development, Mr. Ramachandran said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.