HT Bureau
GUWAHATI, Feb 6: HDFC Bank, India’s largest private sector bank, on Tuesday announced expansion of its SME Payment Solutions with the launch of Business range of credit cards customised for business owners, entrepreneurs, and freelancers. The credit cards will be available in 4 variants – BizFirst, BizGrow, BizPower, and BizBlack. The business credit card range offers a best-in-class interest-free credit cycle of 55 days, savings on core business spends like utility bills, GST, income tax, vendor payments, business travel, and business productivity tools.
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This offering makes up a part of the strong suite of SME payments solutions that the Bank offers. HDFC Bank’s SME Payment Solution is a designed to meet the diverse payment needs of self-employed individuals, SMEs and MSMEs.
Tailored to address both payable and receivable needs of businesses, the Bank has introduced a unified digital platform which consolidates all payables such as vendor payments, utility bills, and statutory payments etc. On the receivable side of payments, the platform is designed to manage and optimize end to end supply-chain arrangements and reconciliation. The platform provides a detailed dashboard with one view of payments made and accepted, for better cash-flow management. The Bank leads the commercial spends market with a significant 45% market share as of December 2023.
The new range of business credit cards is envisioned to cater to the requirements of the self-employed community including MSMEs, startups, professionals, and freelancers.
Freelancers/GIG workers is a new emerging segment in self-employed category and the Bank will be launching GIGA Business Credit Card shortly, catering to specific needs of this segment.
Speaking at the launch, Parag Rao, country head – payments, liabilities products, consumer finance & marketing HDFC Bank said, “At HDFC Bank, we are committed to addressing the diverse payment needs of the self-employed as well as the business sector, ranging from MSMEs to large corporates. Understanding the specific requirements of the self-employed community, our business range of credit cards, is designed to be a practical game-changer in supporting their everyday business needs.”
