(MENAFN- NewsBytes)
HDFC becomes the first bank in India to launch DigiPOS
23 Aug 2017
Revolutionizing the way customers make payments to merchants, HDFC Bank has become the first Indian bank to unveil the DigiPOS payment solution that offers a slew of digital payment options.
DigiPOS will support Unified Payment Interface (UPI), Bharat QR, SMS Pay, and PayZapp.
Over 4 lakh POS (Point of Sale) terminals of HDFC would soon be upgraded to digital POS network.
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Merchants need not use multiple devices for receiving payments
Fact
HDFC's Card Payment Products-Merchant Acquiring-Marketing Country Head, Parag Rao, said: "Merchants no longer have to keep different devices to receive payments. We believe Digital PoS is a significant step towards further encouraging both customers and merchants to adopt the various digital payment platforms."
HDFC PoS machines to go digital in 3-4 months
HDFC Bank
HDFC, India's second largest private bank by assets, accounts for one-third of the total transactions at PoS terminals; customers make 14 crore monthly transactions with merchants through HDFC.
Every third transaction is done either via an HDFC card or one of its payment options.
HDFC's over 4 lakh PoS machines are used by 3 lakh merchants across 4000 locations in India.
DigiPOS can be availed at no extra cost
Fact
DigiPOS payment solution is available to merchants just as a software upgrade of the current PoS terminals. So, retailers need not make fresh investments to use DigiPOS. HDFC Bank would initially start upgrading the existing PoS terminals in metro cities.
HDFC to offer convenience to customers as well as merchants
Digital Banking
HDFC said digital banking should be convenient not only to customers but also merchants.
Customers would have a lot of digital payment options apart from regular debit and credit cards; they don't need to carry/use cards as most options require only phones.
Though DigiPOS comes with several options, it gives merchants a single report, reconciling all their transactions across the various payment options.
Survey for understanding challenges faced by merchants
Merchants
HDFC conducted a survey for finding the various challenges faced by merchants around payments.
It observed multiple devices, service providers, payment modes, transaction reports, and complicated payment receiving steps "cluttered" the whole mechanism, adding to merchants' confusion.
To alleviate merchants' pains, HDFC came out with DigiPOS payment solution that provides security, value, simplicity, and convenience; its customer interface is simple and intuitive too.
DigiPOS network is future ready
Fact
HDFC's Parag Rao said, "The software and the entire ecosystem around it (DigiPOS) is modular, so if new and innovative modes of payment are introduced they can be easily incorporated into the machine thereby ensuring that the network is future ready."
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