HSBC India, on October 13, has launched HSBC Digital Merchant Services (DMS), a comprehensive digital payment management solution aimed at simplifying payment processes for e-commerce merchants across the country.
According to a press release, this platform allows merchants to accept multiple payment methods through a single contract and interface, reducing the complexity of managing relationships with multiple payment providers.
The service supports card transactions, including Mastercard, Visa, and RuPay, along with Unified Payments Interface (UPI), net banking, and other payment methods, which will be rolled out in a phased manner.
By offering an end-to-end solution, the press release added, HSBC DMS aims to streamline payment reconciliation and reporting, eliminating the need for merchants to maintain multiple vendor relationships.
India’s e-commerce sector, the second-largest in Asia, is projected to grow four-fold to $550 billion by 2035, which is what calls for this move by HSBC India, according to the release.
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, added, "We remain committed to strengthening our capabilities to offer tailored digital payment solutions to eCommerce merchants as they navigate their growth journey.”
Among the early adopters of the solution is Mahanagar Gas Limited, which aims to enhance the efficiency of its online bill payments.
Ashu Shinghal, Managing Director of Mahanagar Gas Limited, said, “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."
In addition to merchant-facing benefits, HSBC DMS also enables the bank to collaborate with FinTech partners, aiming to support expanded digital acquiring capabilities and integration into clients’ broader cash management and liquidity solutions.
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