Global technology platform PayPal has partnered with private lender HDFC Bank to drive incremental digital spend. HDFC cards will be presented as a payment option during enrollment and subsequent payments, with the ability for consumers to easily open PayPal accounts and set it as their preferred payment method.
“This partnership allows us to reach millions of existing and potential new PayPal customers across India,” said Parag Rao, Country Head of Card Payment Products, Merchant Acquiring Services and Marketing, HDFC Bank.
HDFC Bank has more than 35 million credit and debit cards issued in India, while PayPal is available in more than 200 markets globally with a network of 19 million merchants. “This partnership will create a number of joint growth opportunities that will advance PayPal and HDFC Bank’s shared vision of offering consumers greater choice and flexibility in managing their money,” said a press release.
Presently, five major Indian banks accept card payments through PayPal, including State Bank of India and ICICI Bank.