Three New Digital Payment Products Are Released By HDFC Bank To Speed Up Online Payments
Three New Digital Payment Products Are Released By HDFC Bank To Speed Up Online Payments: Three cutting-edge digital payment products have been launched by HDFC Bank, a well-known private sector lender, to further improve the usability and accessibility of electronic transactions on the Unified Payments Interface (UPI). Customers and industry professionals have embraced these products, which aim to change the digital payments sector.
These are the three types of digital payments:
Payment With IVR (Interactive Voice Response) With UPI 123Pay
Users in India are given the ability to make payments with UPI 123Pay by making a straightforward phone call without internet access or a smartphone. With the use of an interactive voice response (IVR), clients can now easily book and pay for a variety of services thanks to this innovative feature. An excellent example of this service in action is the Indane Gas Customer Service, which allows consumers to conveniently schedule and pay for gas cylinders over the phone, regardless of the sort of phone they use.
Merchant Transactions UPI Plug-In Service
Customers can easily switch between merchant and payment apps while making purchases using the UPI network thanks to this cutting-edge technology. Providing a frictionless payment experience is intended to make digital transactions more simple overall.
QR Codes With AutoPay
Through UPI QR codes, AutoPay on QR codes is expected to transform recurring payments. Numerous use cases, such as Over-The-Top (OTT) platform subscriptions, audio subscriptions, newsletter subscriptions, and other digital subscription services, stand to benefit from this capability. The subscription management procedure is made simpler by this offering’s ability to provide hassle-free recurring payments.
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The Country Head of Payment Business, Consumer Finance, Technology, and HDFC Banking, Parag Rao, highlighted the importance of these products by asserting that they stand for the future of digital payments. These products, created to improve the speed and ease of digital transactions, demonstrate HDFC Bank’s dedication to innovation and customer-centric solutions.
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It’s important to note that the UPI Plug-In Service for Merchant Transactions has presented a difficulty for the ecosystem of digital payments. Rahul Chari, co-founder and CTO of PhonePe, has shared his opinions on this functionality with other industry experts. While it brought a new UPI innovation, Chari noted that it might also bring complexity by transferring duties from payment apps to sponsoring banks and merchant applications. The discussion surrounding this development demonstrates the fluidity of the digital payments environment as well as continual initiatives to improve the user experience.