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HDFC Bank launches three digital payment products on UPI
September 21, 2023
HDFC Bank has launched three digital payment products on unified payment interface (UPI).
These products are UPI 123Pay: Payment via IVR (Interactive Voice Response), UPI Plug-In Service for Merchant Transactions, AutoPay on QR codes. UPI 123Pay enables users to make payments using a phone call, without requiring internet connectivity or a smartphone.
UPI Plug-In Service enables customers to switch between merchant and payment apps when paying on UPI. AutoPay on QR enables recurring payments through UPI QR and aims to transform various use cases, including OTT platforms, audio subscriptions, newsletters, and other digital subscription services.
The announcement from HDFC Bank comes on the day when its stock fell 4% after Nomura Holdings downgraded the stock to “Neutral” from “Buy” due to the lowered revision of the business absorbed from its parent. In a recent presentation made to analysts on Monday, HDFC Bank said it valued the net worth of its parent’s business at ₹1.12 trillion rupees as of July, about 16% lower than its reported number in March.
The adjustment was due to the valuation based on Indian GAAP accounting rules and merger-related compliances.
Broadly, analysts expect the net interest margin of HDFC Bank to dip sharply in 2023-24(April-March) due to excess liquidity.
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