HDFC Bank on Wednesday, September 20, announced the launch of three digital payments products on Unified Payments Interface (UPI) — UPI 123Pay (Payment via IVR), UPI plug-in service for merchant transactions and AutoPay on QR. These solutions are set to redefine the way customers and merchants engage in seamless transactions, the lender said in a statement.
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Parag Rao, Country Head of Payment Business, Consumer Finance, Technology, and Digital Banking at HDFC Bank, said, "These products represent the future of digital payments."
UPI 123Pay facility can be used to make digital payments without the need for an internet connection. Users can perform a few offline steps and easily make UPI payments, regardless of their phone type. UPI plug-in service, on the other hand, aims to provide a frictionless payment experience, eliminating the need for customers to switch between merchant and payment apps when paying on UPI, the lender said.
"AutoPay on QR enables seamless recurring payments through UPI QR and aims to transform various use cases, including OTT platforms, audio subscriptions, newsletters, and other digital subscription services Together, they signify a transformative leap in digital payments," Rao said.
Advantages for customers:
UPI 123Pay: Payment via IVR
Convenience: Customers can book and pay for any service through an interactive voice response system (IVR). HDFC Bank has empowered Indane Gas customer regardless of their phone type, to book and pay for their gas cylinders using a phone call, without requiring internet connectivity or a smartphone.
Time saving: The process is efficient, saving customers valuable time during gas bookings.
UPI plug-in service for merchant transactions
Smooth transactions: Customers experience smoother and faster transactions when making purchases from participating merchants.
AutoPay on QR
Simplified subscriptions: Customers can subscribe to digital services for themselves, friends, and family.
Security: High-security standards ensure customer transactions are safe and protected.
(Edited by : Anshul)
First Published: Sept 20, 2023 1:35 PM IST
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