HSBC launches Digital Merchant Services in India

HSBC today announced the launch of HSBC Digital Merchant Services in India, a comprehensive digital payment management solution designed to streamline payment processes for eCommerce merchants.

The service enables merchants to accept a broad range of payment methods through a single contract and interface, simplifying the complexity of managing multiple payment method providers for the merchants. The service will support card transactions (Mastercard, Visa and RuPay), as well as Unified Payments Interface (UPI) and net banking and others in a phased manner.

This end-to-end service further simplifies payment management by eliminating the need for multiple relationships with different payment service providers, while also enhancing the reconciliation and reporting process.

India's e-commerce market, the second - largest in Asia, is poised for exponential growth, projected to grow four-fold to $550 billion by 2035[i] In this dynamic eCommerce landscape, digital payments play an essential role in nearly all transactions.

Ajay Sharma, Head of Banking, HSBC India, said, "The launch of HSBC Digital Merchant Services represents a pivotal step in our journey towards creating a comprehensive and resilient payments infrastructure. Our focus on digital transformation continues to unlock new business value for clients by providing more secure, efficient, and customer-centric payment solutions."

Manasi Pandey, Head of Global Payments Solutions, HSBC India, said, "We are excited to introduce HSBC Digital Merchant Services, a simple, comprehensive, and secure digital payment management solution designed to help merchants reach a wider customer base, facilitating a smoother checkout experience. We remain committed to strengthening our capabilities to offer tailored digital payment solutions to eCommerce merchants as they navigate their growth journey."

Merchants using the platform gain access to faster settlement times and the flexibility to integrate with their existing systems, delivering a seamless customer experience while reducing operational costs and providing richer insights into transaction flows.

Mahanagar Gas Limited is among the early adopters of the integrated payment solution, which aims to enhance the efficiency of its online bill payments.

Ashu Shinghal, Managing Director, Mahanagar Gas Limited, said, "At Mahanagar Gas Limited, we are pleased to share our commitment to adopting HSBC Digital Merchant Services, a solution that perfectly aligns with our vision of enhancing customer experience through secure and seamless digital journeys. By leveraging this integrated payment platform, we aim to provide our customers with a faster and more reliable checkout experience for bill payments and related services. This initiative reflects our strong focus on innovation, security and customer convenience and we are excited to collaborate with HSBC in this journey."

In addition, DMS enables HSBC to collaborate with FinTechs, supporting more digital acquiring capabilities and enabling integration into clients' wider cash management and liquidity solutions.

Source : Equity Bulls

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HSBC DigitalMerchantServices IndiaLaunch