HDFC Bank PoS machines to support digital payments

Second largest private sector lender by assets, HDFC Bank, on Tuesday, said it will shortly convert over 4 lakh of its point of sale (PoS) terminals to a digital PoS machine that will offer four additional digital payment options.

DigiPoS will be able to process the Unified Payment Interface (UPI), Bharat QR, SMS Pay and PayZapp, in addition to the facility to pay via debit or 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.

At present, HDFC Bank accounts for a third of the total transactions or customer spends made through PoS terminals, which means every third transaction is done using an HDFC Bank card or through its payment options. About 14 crore transactions on merchant terminals are done on a monthly basis through HDFC Bank.

By using the Bharat QR or UPI, a customer can scan the QR code and make payment using their smartphones without having to own a card.

Similarly, SMS Pay option on the DigiPoS can be initiated by merchants in the home delivery business to facilitate payments through SMS to customers. The customers will have more payment options at the 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," said Parag Rao, country head – card payment products, merchant acquiring services, and marketing, HDFC Bank.

DIGITAL DRIVE

• DigiPoS will be able to process the Unified Payment Interface (UPI), Bharat QR, SMS Pay and PayZapp
   
• The bank will convert over 4 lakh PoS machines to DigiPoS without any investment by the merchants