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HDFC Bank bullish on buy now pay later
March 22, 2022
The ‘Buy Now, Pay Later’ (BNPL) segment is important for HDFC Bank, said Parag Rao, HDFC Bank’s Head – Payments, Consumer Finance, Digital Banking, and IT.
India’s biggest private bank said it has big plans, aside from Flexipay products allowing its clients to buy now and pay later.
HDFC Bank’s charge cardholders are qualified for Flexipay, with a 15-day reimbursement period with next to no extra expense. Interest is charged after the period. It is accessible in trader classifications like travel, garments, hardware, and home decor.
“We are bullish and have forceful plans on BNPL,” Rao said. “The next logical step for us is to launch something similar on our network,” he added.
The bank plans to give a large segment of 1,000,000 charge cards each month, Rao said. In December last year, the Reserve Bank of India (RBI) had restricted HDFC Bank from giving new Visas as a punishment for its poor back-end technology systems and services.
Since the RBI lifted the ban on August 17, HDFC Bank has issued over 400,000 Mastercard’s until September 21, 2021, as indicated by Rao. Almost 20% of HDFC Mastercard clients comprise savings and current account holders, he added, at a virtual press conference on Wednesday.
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