In an attempt to woo its customers HDFC Bank has launched Digital wallet – merchant payment service, which can be used across various online retailer outlets. Customers can make payments for their purchases on various websites by remembering their HDFC Bank digital wallet details. On a positive note, retailers can add this additional mode of transaction for offering the ease of making payment. Apart from HDFC Bank account holders, Non-HDFC bank customers are also eligible to apply for this service. This new system is said to revolutionize the digital payment mechanism altogether. During the PR events, HDFC has called this product to be the “Future of mobile payments”.
Scope for Customers
These days payments by using cards or online banking portals are very common. In fact, the large share of merchant payments is carried out through this mode. At present, HDFC Bank accounts for 40% of plastic cash payments. Many renowned merchant outlets use HDFC Bank powered payment machine alongside other bank’s payment systems. The trusted name of HDFC Bank will encourage more customers to grab a Digital Wallet. It is expected that the emergence of HDFC Bank Digital Wallet will increase the e-retailer’s sales volume by a good margin. As customers now, didn’t have to carry plastic cards any more, as remembering digital account’s credentials will suffice for shopping payments.
Scope for Retailers
In last few years, you might have noticed many changes in the Indian marketplace. Today, you can purchase products in many categories from e-retailers. Even retailers or merchants, who already had an offline mode of a retail channel, are now establishing their digital storehouse. All these changes are a bright sign for e-retailers. However, considering the customer’s choice it is not difficult to predict that retailers, who are offering electronics products, household goods, garments, etc., are more likely to get benefitted by this new concept. Apart from them, e-services like online mobile or digital TV recharge, bill payments, etc. are also expected to gain from this convenient service.
Ease of Technology
HDFC Bank Digital Wallet is one of the hottest news of this week and has covered online and print media spaces after the surprise announcement. Being at the top of plastic cash system, HDFC Bank has offered products that are technologically safe and more effective for customers. Earlier, customers used to enter various details of their debit or credit card for making their payments. These details include a lengthy card number, its expiry date, CCV number, etc. However, Digital Wallet can make payments via very simple process of flashing mobile phones, which works within Near Field Communication (NFC) technology. Apart from these benefits, customers now don’t have to share their financial details on third party websites.
Scope for Device Manufacturer
It is sure that the initiative of HDFC will encourage other players in this field to come up with something better or similar for their customers. Hence, this can be viewed as a great opportunity for various device manufacturers. Firstly, Smartphone manufacturers have an opportunity of integrating this contemporary service with their devices. Apart from that NFC framework manufacturer also have an opportunity to create a better environment for smooth communication between various devices.