One-stop merchant solution app for all banking and business solutions
Ahmedabad, October 6, 2022: HDFC Bank, India’s largest private sector bank with dominant market leadership in merchant acquiring business, today announced the launch of SmartHubVyapar Merchant app, a comprehensive payments and banking solution designed to fulfill the everyday business needs of merchants.
SmartHubVyapar facilitates instant, digital and paperless merchant on-boarding for HDFC Bank customers and allows merchants to acceptinteroperable payments across multiple payment modes which include Cards – Tap & Pay, UPI and QR code. Merchants can also accept remote payments by sending a payment link over mobile or email to facilitate non face to face collections.
Payments received through UPI can be instantly credited to the bank account ensuring merchants get immediate access to sales receipts.
To reduce merchant anxiety around transactions, SmartHubVyapar has been provisioned with an inbuilt voice feature informing the merchant of successful transactions, doing away with the need to track transactions through any other means including the need to have a separate device to receive voice-based notifications.
On the banking front, merchantscan avail banking services like opening of fixed deposits, quick access to pre-approved loans and credit cards. Merchants can also get a real time view of all Smart HubVyapartransactions credited into their bank account.
With an objective of supporting merchant to expand their business, SmartHubVyapar has been embedded with a marketing tool which empowers merchants to broadcast their offers via social media to existing and potential customers.
In addition to accepting payments,Smart Hub Vyapar enables merchants to make payments to theirdistributors and vendors. Business expenses like payment of utility bills and GST can also be made through theSmart Hub Vyaparapp.
SmartHubVyaparplatform has been designed following an in-depth market survey which indicated that merchants were looking for a comprehensivepayments and banking solution that enables business growth.
The SmartHubVyapar App is improving efficiency of business operations and helping merchants grow their business by leveraging the full strength of the Bank’s lending, banking and value-added services in addition to a host of payment and reconciliation features.
Merchants get 24×7 support through the Bank’s Eva chatbot in addition to support made available via phone banking and the relationship management team of the bank.
SmartHubVyapar with a Playstore rating of 4.9 and an ioS rating of 4.6 is adding more than 75,000 active merchants every month and will be available at 1 Mn merchant acceptance points this month. SmartHubVyapar will be the banks lead offering in the journey towards enabling 7 Mn merchant acceptance points by the end of this financial year.
SmartHubVyapar App has been developed by HDFC Bank in partnership with Mintoak Innovations India Pvt. Ltd which is a merchant SaaS platform with a modular product offering to help banks connect with their merchants.
The merchant app was showcased at an event in Mumbai by Parag Rao, Group Head, Payments Business, Digital & IT, Arvind Vohra, Group Head, Branch Banking and Mr. Anjani Rathor, Chief Digital Officer, HDFC Bank. It was also unveiled for local merchants in Ahmedabad by Ms. Pearl Sabavala, Zonal Head, HDFC Bank and Pinal Shah, Rural Banking Head, HDFC Bank.
“HDFC Bank is committed to support the growth of all merchantsfrom large format chains to local kirana stores,” said Parag Rao, Country Head – Payments, Consumer Finance, Technology & Digital Marketing. “The MSME sector generates the most employment in the country and by empowering this sector we can help empowera large segment of society. We have crafted the newSmartHubVyaparapp to meet every need of the merchant and bring efficiencies to their banking and business ecosystem. Our aim is to solve problems and difficulties merchants face in their day-to-day business, help them grow their business, deepen our reach across India and connect with trade hubs.This app bringsa vibrant suite of payment, lending and business solutions onto a single platform.”
| Key features of SmartHubVyapar include: Instant, Digital & Paperless Onboarding. Become HDFC Bank SmartHubVyaparMerchant instantly with your HDFC Bank Current A/cFace to Face and remote payment collection through multiplemodes: Cards, QR and UPIInstant Settlement to bank account on UPI transactions and Voice Notification on all transactionsApply for Fixed Deposits and CardsEasy Access to Business Loans, Overdraft facility and Loan on Credit CardEasy Distributor & Vendor Payments: Up-to 45 days of credit period via business credit cardsEasy reconciliations of all transactions and bank creditsBiz View: Monitor business growth in one single dashboardOffer creation and promotion to customers via social mediaCustomer intelligence & recognition features for offering customized deals24X7 customer support Pay later feature for customers: Record, Track & Collect Customer DuesFAQ/Tutorials Assign roles to store staff viz. cashier, manager, etc. |
HDFC Bank continues to be India’s number one merchant acquiring bank. The bank holds 52% market share in cards acquiring volume and 20% of market share of total terminals installed in India.
About HDFC Bank
For more information, click here: www.hdfcbank.com
For media queries please contact:
Sherna D’Mello
Dy. Vice President, Corporate Communications
HDFC Bank Limited
Mobile : +91 9920888014
Email :sherna.dmello@hdfcbank.com
Madhu Chhibber
Head – Corporate Communications
HDFC Bank Limited
Mobile : 9833775515
Email :madhu.chhibber@hdfcbank.com
