HDFC Bank has launched PayZapp, a payment solution that the bank claims will revolutionize the way payments and purchases are done on-the-go today using mobile devices. Using the app, one can pay with one click for all the spends, from mobile phone top-ups, to instant money transfers, to bill payments, to groceries, to movie tickets, to even big-ticket purchases, says the bank. Within PayZapp, there is SmartBuy, a virtual mega marketplace that has every type of product available, from those that fulfill daily requirements to those that meet aspirational needs, just the way a mall has. Payzapp is the latest initiative in HDFC Bank’s digital banking offering christened #GoDigital. It aligns with the bank’s core digital theme of ‘Bank aapki muthi mein’. Parag Rao, business head, Cards, Payment Products and Merchant Acquiring Services of the bank, said for the customer, whose world has now converged on his mobile device, this innovation will mean that he will be able to complete every type of payment and purchase from a single app with a single PIN, whenever and wherever he wants, without worrying about prepayment and re-loading. He added that as of FY 2014-15, as much as 63% of all transactions at HDFC Bank areconducted through digital channels. The app will also be a big boon for e-commerce merchants who face high dropouts on mobile payments. About 70% of all users who do e-shopping through mobile, choose cash-on-delivery (as opposed to approx 50% if user is purchasing through laptop / desktop), mostly due to inconvenience in payments. PayZapp’s convenient mobile payment mechanism will help change this and benefit merchants with reduced cancellations and lesser hassles of cash handling.
