With an aim to strengthen its financial services offering ahead of an initial public offering, Paytm has partnered with private lender HDFC Bank and plans to launch products across digital payments, lending and point of sale solutions by combining their strengths in the banking, lending and digital payments space.
The two companies will build solutions across payment gateway, POS machines and credit products including Paytm Postpaid which is the Buy Now Pay Later (BNPL) solution, Eazy EMI and Flexi Pay.
The first leg of the partnership will include Payment Gateway and co branded POS Solutions for Indian merchant partners.
While the bank will drive merchant partnerships across India, Paytm will offer them its existing range of Android POS devices.
The aim is to accelerate digital transformation in semi urban and rural India with the combination of HDFC Bank's network, products and credit appraisal capabilities and Patym's technological platform.
