HSBC launches digital merchant services in India

New Delhi, Oct 14 (PTI) HSBC on Tuesday announced the launch of HSBC Digital Merchant Services (DMS) in India, a digital payment management solution designed to streamline payment processes for e-commerce merchants.

The service enables merchants to accept a broad range of payment methods through a single contract and interface, simplifying the complexity of managing multiple payment method providers for the merchants.

The service will support card transactions (Mastercard, Visa and RuPay), as well as Unified Payments Interface (UPI) and net banking and others in a phased manner.

This end-to-end service further simplifies payment management by eliminating the need for multiple relationships with different payment service providers, while also enhancing the reconciliation and reporting process, HSBC said in a statement.

HSBC India Head of Banking Ajay Sharma said the launch of HSBC Digital Merchant Services represents a pivotal step in our journey towards creating a comprehensive and resilient payments infrastructure.

DMS enables HSBC to collaborate with fintechs, supporting more digital acquiring capabilities and enabling integration into clients' wider cash management and liquidity solutions.

Merchants using the platform gain access to faster settlement times and the flexibility to integrate with their existing systems, delivering a seamless customer experience while reducing operational costs and providing richer insights into transaction flows.

Mahanagar Gas Limited is among the early adopters of the integrated payment solution, which aims to enhance the efficiency of its online bill payments. PTI JD JD SHW