HDFC Bank Launches all-in-one DigiPoS machines

Aug 22 () HDFC Bank, the largest merchant payment acquirer with over 40 per cent market share, today launched an all-in-one offering, DigiPoS Machine, that offers a complete suite of digital payment solutions.

With DigiPoS, a merchant can use as many as 12 various digital payment options like UPI, Bharat QR, SMS Pay, PayZapp, Tap & Pay, EMIs in addition to pay through debit/ credit card swiping," Parag Rao, head of card payments & merchant acquiring services at the second largest private sector lender said.

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Rao said all a merchant has to do is to update his/her machine with a software at no cost, but added that the new software will work only on HDFC Bank-issued PoS machines, but will accept any card or app from any bank/service provider.

DigiPoS integrates all popular digital payment methods in merchant payment machines offering greater convenience to both customers and merchants, Rao said.

For example, using the Bharat QR or UPI option, a customer can scan the QR code and make payment using their smartphones, he said, ading similarly, SMS Pay option on the DigiPOS can be initiated by merchants in the home delivery business to facilitate payments through SMS to customers.

Over the next couple of months, they will convert their entire network of over 4.5 lakh PoS machines to DigiPOS without any investment by the merchants. Rao said the bank enjoys around 40 per cent market share in the 1.3 million PoS machines segment with 4.5 lakh machines with 3 lakh merchants.

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After the note-ban that saw a push to digital payments the bank has installed around 2.35 lakh machines/ merchants but since then the speed has consciously been borought down as the objective is not just installing machines but ensuring that they are used, he said, adding the bank still adds between 10,000 and 15,000 merchants on average every month.

When asked whether digital payments arm makes money for the bank he answered in the affirmative, saying "all the digital solution offerings put together as highly profitable.

As a card issuer, the bank enjoys around one-third of the market with around 26 million customers, of which 9 million are credit card customers, Rao told , adding in the payment cards issuance segment, HDFC Bank handles around 140 million transactions a month, he said. BEN NP

Source: Times of India