Reported by: banking|Updated: August 31, 2017
HDFC Bank has become the first bank in the country to launch DigiPOS, a POS machine that offers customers various digital payment options such as UPI, Bharat QR, SMS Pay and PayZapp, in addition to the facility to pay through debit / credit cards. The bank has some 4 lakh POS machines used by 3 lakh merchants across 4000 locations and it intends to convert all these machines to DigiPOS without any investment by the merchants. Pilots are being carried out in all four metros with large retailers. The payment solution is available as a software upgrade for the existing POS terminals. The merchant does not have to make any fresh investment to access DigiPOS. After a software upgrade done by the bank’s service engineer, the merchant can use the same POS terminal to avail of the payment solution. In addition to debit/credit card payment facility, the bank has integrated all popular digital payment methods like UPI, Bharat QR, SMS Pay, and PayZapp on the DigiPOS machines thus offering greater convenience to both customers and merchants. Parag Rao, country head – Card Payment Products, Merchant Acquiring Services, and Marketing at HDFC Bank, said the software and the entire ecosystem around it is modular so if new and innovative modes of payment are introduced they can be easily incorporated into the machine thereby ensuring that the network is future ready. DigiPOS will be a part of the bank’s new acquisition policy, he added.