New Delhi, Oct 14 Investment banking and financial service company Hongkong and Shanghai Banking Corporation (HSBC) on Tuesday announced the launch of HSBC Digital Merchant Services in India, a comprehensive digital payment management solution designed to streamline payment processes for e-commerce merchants.
According to the company, 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.
It will support card transactions (Mastercard, Visa and RuPay), as well as Unified Payments Interface (UPI) and net banking and others in a phased manner.
"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," HSBC India Head of Banking, Ajay Sharma, said.
This comprehensive service further simplifies payment management by eliminating the need for multiple relationships with different payment service providers, while improving reconciliation and reporting.
The Indian e-commerce market, the second largest in Asia, is expected to experience tremendous growth, quadrupling to $550 billion by 2035.
In this dynamic e-commerce landscape, digital payments play a vital role in almost every transaction.
HSBC India's Head of Global Payments Solutions, Manasi Pandey, 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."
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, HSBC said.
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