HDFC Bank & ICICI Bank update their digital strategy

HDFC Bank & ICICI Bank update their digital strategy

* Moving ahead with digital banking initiatives and working in line with government’s aim of reducing cash transactions, HDFC Bank and ICICI Bank on Thursday announced two initiatives on their digital banking platform.

* While HDFC Bank announced benefits for customers in terms of cash back for credit and debit card purchases on their PayZapp platform, ICICI Bank launched its mobile payment service mVisa that allows customers to pay for services via smartphones even in physical stores.

* PayZapp allows customers to shop on various e-commerce platforms within the app. On Thursday, the bank announced significant benefits for customers who shop via this app or through their credit and debit cards between October and December. The bank has tied up with its merchant partners for the same.

* “Not only customers will get the discounts offered by the merchants but we are also offering cash back of `5,000 to the top spender every 15 minutes and an additional `2,500 if the transaction is done via PayZapp.

* A customer can save between 30-35% via smartbuy and PayZapp,” said Parag Rao, business head, credit card, HDFC Bank.

* “Not only customers will get the discounts offered by the merchants but we are also offering cash back of `5,000 to the top spender every 15 minutes and an additional `2,500 if the transaction is done via PayZapp.

* A customer can save between 30-35% via smartbuy and PayZapp,” said Parag Rao, business head, credit card, HDFC Bank.

* All that customers need to do is scan mVisa Quick Response (QR) code at a merchant location and enter the debit card PIN to make the payment.

Source :BankingUpdates