April 5, 2016
Indian banks are exhibiting a willingness to transform themselves by working with the FinTech ecosystem. They have adopted different ways to work with the new global FinTech (ecosystem) and those initiatives largely fall into two buckets: internal programs and open innovation initiatives. There are various formats and ways of working with startups. This article focuses on how large Indian banks have adapted to the evolving FinTech landscape.
HDFC bank has launched a host of initiatives cutting across mobile banking and payments.
-HDFC recently partnered with a Bangalore-based startup called Tone Tag to provide phone-based proximity payment services to its customers. It doesn’t require special handsets or any new acceptance device.
-Earlier, it had tied up with Chillr—an app-based payments platform which transfers funds from account to account without having to fill in any account numbers or bank codes. HDFC Bank is taking Chillr towards merchant payments by getting onboard shopkeepers who do not have a POS terminal. The customer can pay by using the Chillr app to scan a QR code generated by the merchant.
-In 2012, the bank had partnered with Movida to launch a mobile payment service in India. The service allowed HDFC Bank customers to pay bills, top up prepaid airtime and buy tickets from their mobile phone and was designed to operate across all mobile networks using any Visa or no ...