HDFC Bank announced the launch of a SmartHub Vyapar Merchant app. It is a comprehensive payments and banking solution. According to HDFC, the app is designed to fulfil the everyday business needs of merchants. HDFC Bank is India’s largest private sector bank. It is a dominant market leader in merchant acquiring business.
“HDFC Bank is committed to support the growth of all merchants from large format chains to local kirana stores,” Parag Rao, HDFC Group Head (Payments Business, Digital and IT) Parag Rao said at a press conference in Bengaluru.
“We have crafted the new SmartHub Vyapar app to meet every need of the merchant and bring efficiencies to their banking and business ecosystem. Our aim is to solve problems and difficulties merchants face in their day-to-day business, help them grow their business, deepen our reach across India and connect with trade hubs,” he said.
The app brings a vibrant suite of payment, lending and business solutions onto a single platform, Rao said.
SmartHub Vyapar facilitates instant, digital and paperless merchant on-boarding for HDFC Bank customers. It also allows merchants to accept interoperable payments across multiple payment modes. It includes Cards – Tap & Pay, UPI and QR code.
Merchants can also accept remote payments by sending a payment link over mobile or email to facilitate non face to face collections.
The app can instantly credit the payments received through UPI to the bank account. It will ensure that merchants get immediate access to sales receipts.
Inbuilt voice based notifications
The app has an inbuilt voice feature which informs the merchant about successful transactions. This will result in reducing anxiety of merchants by eliminating need to track transactions through other means. Moreover, it has done away with the need to have a separate device for voice-based notifications.
Access to banking services
On the banking front, merchants can avail of various banking services. They can open fixed deposits besides have quick access to pre-approved loans and credit cards.
Merchants can also get a real time view of all Smart Hub Vyapar transactions credited into their bank account.
Embedded marketing tool
The app has a marketing tool embedded in it. The tool empowers merchants to broadcast their offers via social media to existing and potential customers. The objective is to support the merchants expand their business.
In addition to accepting payments, the app enables merchants to make payments to their distributors and vendors. Merchants can also use app for Business expenses like payment of utility bills and GST.
HDFC has designed the app following an in-depth market survey. The survey indicated that merchants were looking for a comprehensive payments and banking solution that enables business growth.
Value added services
The app also is improving efficiency of business operations and helping merchants grow their business by leveraging the full strength of the Bank’s lending, banking and value-added services in addition to a host of payment and reconciliation features.
Merchants get 24×7 support through the Bank’s Eva chatbot in addition to support made available via phone banking and the relationship management team of the bank.
Eyeing 7 million merchants
The app with a PlayStore rating of 4.9 and an ioS rating of 4.6 is adding more than 75,000 active merchants every month and will be available at 1 Mn merchant acceptance points this month.
SmartHub Vyapar will be the banks lead offering in the journey towards enabling 7 Mn merchant acceptance points by the end of this financial year.
HDFC Bank has developed the app in partnership with Mintoak Innovations India Private Ltd. It is a merchant SaaS platform with a modular product offering to help banks connect with their merchants.