PayPal expands bank partnerships; partners with HDFC Bank to offer seamless payments experience
India, 9 August 2018: Global technology platform and digital payments leader, PayPal, and HDFC Bank, the largest credit card issuer in India, today announced a strategic partnership that will result in a safer, faster and more convenient payment experience for HDFC card holders and help drive incremental digital spend. HDFC cards will be presented as a payment option during enrollment and subsequent payments, with the ability for consumers to easily open PayPal accounts and set it as their preferred payment method.
HDFC Bank has more than 35 million credit and debit cards issued in India, while PayPal is available in more than 200 markets globally with a network of 19 million merchants. This partnership will create a number of joint growth opportunities that will advance PayPal and HDFC Bank’s shared vision of offering consumers greater choice and flexibility in managing their money.
This agreement will take effect immediately, with new experiences available to customers that are designed to drive incremental digital spend.
Speaking about the partnership, Anupam Pahuja, Managing Director, PayPal India, said, “Offering choice to our customers has been at the core of our strategy, and the partnership with HDFC Bank is another step in this direction. Through this partnership, we’re enabling HDFC Bank to provide its customers with the ability to shop how, where and when they choose, by leveraging the power, safety and convenience of PayPal.”
Mr. Parag Rao, Country Head of Card Payment Products, Merchant Acquiring Services and Marketing at HDFC Bank Ltd., said, “We are delighted to partner with PayPal. This agreement is about offering choice and partnering with companies in the payments ecosystem that we feel can help us create meaningful products that benefit both consumers and merchants. This partnership allows us to reach millions of existing and potential new PayPal customers across India.”