Curated By: Business Desk
Last Updated: September 23, 2023, 18:53 IST
HDFC officials believe these products represent the future of digital payments.
HDFC Bank has empowered Indane Gas customers regardless of the phone type to effortlessly book and pay for their gas cylinders.
HDFC Bank, a prominent private sector lender, has rolled out three innovative digital payment products, further enhancing the convenience and accessibility of digital transactions on the Unified Payments Interface (UPI). These offerings aim to revolutionize the digital payments landscape and have been met with enthusiasm by both customers and industry experts.
The three digital payment products are as follows:
UPI 123Pay: Payment via IVR (Interactive Voice Response)
UPI 123Pay empowers users across India to make payments through a simple phone call without internet connectivity or a smartphone. This revolutionary feature enables customers to book and pay for various services effortlessly through an interactive voice response system (IVR). An exemplary application of this service can be observed in the Indane Gas Customer Service, where customers, regardless of their phone type, can easily book and pay for gas cylinders using a straightforward phone call.
UPI Plug-In Service for Merchant Transactions
This innovative service allows customers to seamlessly switch between merchant and payment apps when conducting transactions on the UPI platform. The goal is to provide a frictionless payment experience, enhancing the overall ease of digital transactions.
AutoPay on QR Codes
AutoPay on QR codes is set to revolutionize recurring payments through UPI QR codes. This feature is poised to transform a wide range of use cases, including subscriptions to Over-The-Top (OTT) platforms, audio subscriptions, newsletters, and other digital subscription services. By enabling hassle-free recurring payments, this offering simplifies the subscription management process.
Parag Rao, the Country Head of Payment Business, Consumer Finance, Technology, and HDFC Banking, emphasized the significance of these products, stating that they represent the future of digital payments. HDFC Bank’s commitment to innovation and customer-centric solutions is evident in these offerings, designed to enhance the convenience and efficiency of digital transactions.
However, it’s worth noting that the introduction of the UPI Plug-In Service for Merchant Transactions has posed a challenge within the digital payment ecosystem. Industry experts, including PhonePe’s co-founder and CTO Rahul Chari, have shared their perspectives on this feature. Chari pointed out that while it introduced a new UPI innovation, it could also introduce complexities by shifting responsibilities from payment apps to sponsor banks and merchant applications. The debate surrounding this development highlights the dynamic nature of the digital payments landscape and the ongoing efforts to streamline and enhance the user experience.