HDFC Bank, Snapdeal tie up for online payment cards
09 Mar 2015
Seeking to tap the growing e-commerce market, HDFC Bank will soon launch a mobile platform for merchants, which will enable their customers to order goods and make payments online.
Jasper Infotech, which owns and operates online marketplace Snapdeal, has entered into a three-year partnership with the country's largest private sector lender, HDFC Bank, to launch a co-branded credit card for the purpose.
The co-branded Snapdeal-HDFC credit card - the first such partnership in India, and also the Deepak Parekh-promoted lender's first tie-up with an Indian e-commerce major - is likely to be rolled out over the next four to six weeks across India, but aimed mainly at buyers in smaller towns and cities.
''Under the plan, a merchant who signs up for the utility with HDFC Bank gets a console which can be operated from a computer or mobile phone. The customer receives a link through sms or email, which opens into a payment page. The customer can then securely enter his card details and pay,'' said Parag Rao, business head of card payment products and merchant acquiring services at HDFC Bank.
''The new service will be of great use for small merchants which have a significant business coming from cash-on-delivery basis. So a person can get home delivery of pizzas while paying the bill from office,'' he elaborated.
