HDFC Bank aims 10-fold growth in merchant segment in 3 years to 20 million
Live MintHDFC Bank is targeting a ten-time increase in the number of small merchants it serves to 20 million in the next three years, sources at the largest private sector lender have said. The bank started targeting merchants about 18 months ago with solutions on accepting payments, providing value-added services like creating a simple website for them, taking care of their inventory and lending based on cash flows, through a single app. "We are serving two million merchants at present and aim to take it to 20 million in three years by the end of FY23," a bank source told PTI. HDFC Bank processes 48% of the overall spends through cards and about a fourth of the UPI spends happening at the merchant ends, and the merchant uses the app for a variety of uses including buying, selling and launching promotional campaigns as well, the source said.
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