HDFC Bank became the first bank in India to launch DiGiPOS, a Point of Sale (POS) machine that offers a complete suite of digital payment options. DiGiPOS will offer customers various digital payment options such as UPI, Bharat QR, SMS Pay and PayZapp, in addition to the facility to pay through debit / credit cards.
In the coming months, HDFC Bank will convert its entire network of over 4 lakh PoS machines to DiGiPOS without any investment by the merchants.
The initiative integrates all popular digital payment methods in PoS machines thus offering greater convenience to both customers and merchants. For example, using the Bharat QR or UPI option, customer can scan the QR code and make payment using their smartphones. Similarly, SMS Pay option on the DiGiPOS can be initiated by merchants in the home delivery business to facilitate payments through SMS to customers. As the largest acquirer in the country, HDFC Bank aims to enable all its existing merchants to accept digital payments thereby driving rapid adoption of digital transactions.
Benefits of DiGiPOS:
. Availability of UPI, Bharat QR, SMS Pay, and PayZapp on DiGiPOS to widen acceptance of digital payments
. Customers of all banks can pay using these payment options as per their convenience
. This is in addition to debit/credit card payment facility available on the PoS machines
“We are revolutionizing the way customers pay at merchant outlets by integrating UPI, Bharat QR, SMS Pay, and PayZapp on the DiGiPOS machines. Digital Banking means offering convenience not just for customers but also for our merchant network. Merchants no longer have to keep different devices to receive payments and our entire PoS network will be converted to DiGiPOS soon. We believe Digital PoS is a significant step towards further encouraging both customers and merchants to adopt the various digital payment platforms.” says Mr. Parag Rao, Country Head – Card Payment Products, Merchant Acquiring Services, and Marketing, HDFC Bank.
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Established in 1995, HDFC Bank is one of India’s premier banks providing a wide range of financial products and services to its 37 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. As of June 30, 2017, the Bank had a distribution network with 4,727 branches and 12,220 ATMs in 2,666 cities/towns.
Source: HDFC Bank