- These innovations underscore HDFC Bank’s commitment to redefining the convergence of banking and technology
NE BUSINESS BUREAU
AHMEDABAD, SEPT 20
HDFC Bank, India’s leading private sector bank, on Wednesday announced the launch of three innovative digital payments products on UPI (Unified Payments Interface). These innovative solutions are set to redefine the way customers and merchants engage in seamless transactions.
They are
- UPI 123Pay: Payment via IVR
- UPI Plug-In Service for Merchant Transactions
- AutoPay on QR
Parag Rao, Country Head of Payment Business, Consumer Finance, Technology, and Digital Banking at HDFC Bank, commented, “These innovative products represent the future of digital payments.
UPI 123Pay makes it possible for anyone in India, regardless of their phone type, to effortlessly make payments using a simple phone call, without requiring internet connectivity or a smartphone.
UPI Plug-In Service aims to provide a seamless and frictionless payment experience, eliminating the need for customers to switch between merchant and payment apps when paying on UPI.
AutoPay on QR enables seamless recurring payments through UPI QR and aims to transform various use cases, including OTT platforms, audio subscriptions, newsletters, and other digital subscription services Together, they signify a transformative leap in digital payments.”
Advantages for customers
- UPI 123Pay: Payment via IVR
o Convenience: Customers can effortlessly book and pay for any service through an interactive voice response system (IVR). HDFC Bank has empowered Indane Gas customer regardless of their phone type, to effortlessly book and pay for their gas cylinders using a simple phone call, without requiring internet connectivity or a smartphone.
o Time saving: The process is efficient, saving customers valuable time during gas bookings.
- UPI Plug-In Service for Merchant Transactions
o Smooth transactions: Customers experience smoother and faster transactions when making purchases from participating merchants.
- AutoPay on QR
o Simplified subscriptions: Customers can easily subscribe to digital services for themselves, friends, and family.
o Security: High-security standards ensure customer transactions are safe and protected.
These innovations underscore HDFC Bank’s commitment to redefining the convergence of banking and technology.
