HDFC Bank is proposing cashback and other offers to merchants, under the campaign, ‘Tees pe Treat’. Merchants who are using the Bank’s Merchant App, QR code, Payment gateways can get guaranteed cashback and prizes on volume build-up, Equated Monthly Installment (EMI), or Digital transactions.
The offer is extended to small and medium-sized merchants in metro cities, semi-urban areas, and rural markets to operate and manage their digital payments. The bank’s offer is a fusion of guaranteed cashback and incentives for merchants obtaining a 30% hike on EMI and inclusive attainment of volume processed through HDFC Bank solutions. It can also be done by maintaining a minimum of 30 digital transactions on the SmartHub merchant app. That means, on digital transactions, retail app merchants have to perform the minimum transactions to be eligible for the offers and to procure an assured cashback of up to Rs 1500 in the festive season.
For the first time, the bank is offering such a festive treat campaign for the merchants in their network. Parag Rao, Country Head of Payments, Consumer Finance, Marketing and Digital Banking at HDFC Bank commented that the benefit of this program is extended not just for merchants based in metros, but also to the semi-urban and rural markets.
HDFC Bank has a volume share of about 49% in the top 8 cities, 65% in the top 100 merchants of the country. They also possess a major share in key segments like Ecom, Fuel, Healthcare, Apparels, Jewellery, and Electronics & Telecom. The offers proposed by the bank to its merchants will be based on the growth in total volume, driving EMI to consumers on Credit & Debit card, and also by promoting digital transactions through UPI, BQR, SMS Pay, etc.
The small and medium merchants are accounted to be the critical backbone of the bank’s merchant network. The bank’s target is to give solutions to merchants on receiving payments, providing value-added services like drafting a simple website, taking care of their inventory, and lending based on the cash flows. As a part of the maintenance of various digital payment forms across India, it is relevant that the merchant network is authorized with the best possible solutions. And so this change is considered to be a crucial step towards the concept of ‘Digital India’.
