HDFC Bank has unveiled a significant expansion in its small and medium-sized enterprises (SME) payment solutions, introducing a new line of business credit cards — BizFirst, BizGrow, BizPower, and BizBlack.
This innovative range, featuring four distinct variants, is specifically designed to support the varied financial needs of the self-employed sector, including MSMEs, startups, professionals, and freelancers.
The bank’s latest move is part of its comprehensive suite of SME payment solutions, aimed at addressing the complex payment demands of self-employed individuals and SMEs. These business credit cards offer an impressive array of benefits, such as a 55-day interest-free credit period and substantial savings on essential business expenditures including utility bills, GST and income tax payments, vendor settlements, business travel, and tools to enhance business productivity.
In addition to these credit card offerings, HDFC Bank has also launched a unified digital platform to streamline both the payable and receivable aspects of business transactions. This platform simplifies the management of vendor payments, utility bills, and statutory payments, while also optimizing supply-chain arrangements and reconciliation processes. A notable feature of this digital tool is its comprehensive dashboard, which provides users with a consolidated view of all payments made and received, facilitating improved cash flow management.
Highlighting the bank’s commitment to innovation and inclusivity in the financial sector, the announcement also mentioned the upcoming launch of the GIGA Business Credit Card. This card is specially designed for freelancers and gig workers, recognizing the growing significance of this segment in the self-employed community.