MICROCAPITAL BRIEF: Mintoak of India Rolls Out App for HDFC Bank, Allowing Customers to Accept Electronic Payments

Mintoak, an India-based provider of payment management services for small companies, recently partnered with India’s HDFC Bank to allow the bank’s customers to accept card- and app-based payments via Mintoak’s SmartHub Vyapar app. The service targets micro-, small and medium-sized enterprises (MSMEs) in particular.

Mintoak CEO Raman Khanduja reportedly argued that banks “are best placed to offer a full stack of integrated solutions – payments, [value-added services] and financial services.” He added, “we will continue delivering cutting-edge solutions to complement the bank’s trust and empower business owners to grow.”

Mintoak’s product menu includes tools for financial reporting for both electronic and cash transactions as well as for receiving payments from cards and apps such as Bharat Interface for Money (BHIM), PhonePe, Google Pay and WhatsApp.

HDFC Bank is an affiliate of Housing Development Finance Corporation (HDFC) Limited, which has 650 offices in India plus one each in Singapore, UAE and the UK. HDFC Bank reports INR 110 billion (USD 1.3 billion) in profits on total assets of INR 22 trillion (USD 270 billion) for the quarter ending September 2022.

Sources and Additional Resources

The Hindu article
https://www.thehindu.com/business/fintech-mintoak-develops-hdfcs-payment-solution-for-msmes/article66239158.ece

Mintoak homepage
https://www.mintoak.com

HDFC Bank homepage
https://www.hdfcbank.com

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