HSBC Launches Digital Merchant Services to Revolutionize Payments in India

HSBC unveils HSBC Digital Merchant Services in India, aiming to streamline e-commerce payment processes. This solution offers a unified contract for managing various payment methods, enhancing reconciliation, and reducing operational costs for merchants. Initial adopters like Mahanagar Gas Limited highlight its potential benefits.

On Tuesday, HSBC announced the launch of its HSBC Digital Merchant Services (DMS) in India. This innovative digital payment management solution is tailored to streamline payment activities specifically for e-commerce merchants.

Through this service, merchants can manage a wide range of payment methods via a single contract and interface. This advancement simplifies the typically daunting task of managing multiple payment providers. Supporting card transactions across major providers like Mastercard, Visa, and RuPay, the service will gradually expand to include UPI, net banking, and more.

Ajay Sharma, HSBC India Head of Banking, remarked on the significance of this launch in building a robust payments infrastructure. By engaging with fintech partnerships, DMS looks to bolster digital acquiring capabilities. Early adopters such as Mahanagar Gas Limited aim to enhance online bill payments, reaping the benefits of faster settlement and seamless system integration.

(With inputs from agencies.)