IPO-bound Paytm ties up with Indian banking giant HDFC Bank with the purpose of accelerating digital transformation in rural and semi-urban landscape of India so that more people can be included in the formal banking channel.
HDFC Bank and Paytm plan to build comprehensive solutions across POS Machines, Payment Gateway, and Credit Products. The two organizations would be jointly launching a co-branded POS product.
Their strategic partnership will deliver financial solutions to end consumers and merchants across India in times to come. As of March 31, 2021, Paytm is India’s largest payment platform with 333 Mn users and 21 Mn merchants onboard. It is considered India’s largest payments platform based on the number of consumers, number of merchants, number of consumers to merchant transactions as well as revenue. While, HDFC Bank is the country’s largest private sector bank by market capitalisation and assets as of April 2021. It is the third largest company by market capitalisation on the Indian stock exchanges.
