Mumbai, November 12, 2020: HDFC Bank announced the launch of SmartHub Merchant Solutions 3.0, in Wednesday. This solution allows merchants and self-employed professionals to instantly open a current account and start accepting payments in-store, online, and on-the-go.
The Bank plans to reach out to more than 20 million small and medium merchants and professional services like doctors, pharmacies, salons and laundry services across metro, semi urban and rural India in the next three years.
According to the reports published in economictimes.indiatimes.com The merchant solution was launched at 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.
SmartHub 3.0 will be available in app based, web based and a range of PoS devices and will have features like digitizing Khata, enabling collection reminders, inventory management, billing software and lending to merchants’ basis their banking history.
- Instant account opening and merchant setup
- Payment collection through any mode – Bharat QR code, Aadhaar Pay, UPI, SMS Pay, Credit or Debit Cards, or any app such as Payzapp, Google Pay
- Customise interface in nine languages
- Share product catalogue with customers via SMS, email or Whatsapp
- View and apply for loan and credit card offers
- Single dashboard view of payments and dues across locations
- Segment specific Value Added services like inventory management for grocery merchants, EMI for Electronic merchants, billing, inventory and reminders for pharmaceutical merchants to name a few
- Merchants can also create their own customer loyalty program on this solution. They can run their own ‘discounts and offers’ for their customers.
In a statement, Parag Rao, said, “To deepen the penetration of digital forms of payment across India, it is important that the merchant network is empowered with the range of solutions. Greater adoption of digital platforms by SMEs 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.”