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HDFC Bank to offer digital accounts, cards

HDFC Bank is all set to offer its customers digital savings bank accounts, credit cards and instant loans. The products will be available to users of its PayZapp app. The bank also plans to enroll additional merchants for acceptance of electronic payments to increase its present network of 1.2 million shops to 5 million in 18 months. The bank had launched PayZapp about 2 years ago and it has around 14 million users. Over half of these are young users who do not have a bank account. Parag Rao, group head, Marketing, Credit Cards and Payments Business at the bank, said the bank is already a scale player in cards and loan assets and it will use our digital back-end strengths in these businesses to bring more scale into PayZapp. He said PayZapp can become a 50-million customer franchise with capability for instantly opening accounts and offering credit cards and loans. The offered savings account will be a completely digital product and the credit cards virtual, with an option to receive the plastic version. The instant loans would be powered by fintech, said Rao.

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