HDFC Bank adds 6 more payment options on merchant terminals to convert them into DigiPOS

pos-machine-770x433Apart from debit and credit card swipe options, the bank will offer UPI (united payments interface), Bharat QR, SMS Pay, PayZapp and EMI options.

Private sector lender HDFC Bank on Tuesday launched six additional payment options for its point-of-sale (POS) terminals used by merchants to carry out transactions.

Apart from debit and credit card swipe options, the bank will offer digital payment options such as UPI (united payments interface), Bharat QR, SMS Pay, PayZapp and EMI options which will be enabled on its existing merchants’ POS machines.

At present, HDFC Bank has a network of about 3 lakh merchants and over 4 lakh PoS machines to be converted into DigiPOS.

"In the next couple of months, we will upgrade our entire network of over 4 lakh PoS machines into DigiPOS without any investment by the merchants," Parag Rao, Country Head – Card Payment Products, Merchant Acquiring Services, and Marketing, HDFC Bank.

Customers will be able to use the Bharat QR or UPI option by scanning the QR code on POS terminals. Similarly, SMS Pay option on the POS can be initiated by merchants in the home delivery business to facilitate payments through SMS to customers.

HDFC Bank Business LoanAt present, HDFC Bank accounts for a third of the total transactions or customer spends made through POS terminals, which means every third transaction is done using an HDFC Bank card or through its payment options.

Moreover, about 14 crore transactions on merchant terminals are done on a monthly basis through HDFC Bank.

Rao said this will also act as a new merchant and customer acquisition strategy for the bank with more merchants to be offered this product, and thereby more customers opting to pay using HDFC Bank’s payment options.

Source: Money Control