State Bank of India, HDFC Bank and ICICI Bank have lined up a slew of plans to capture the payments and settlement market as they ramp up their digitisation initiatives. ICICI Bank, India’s second-largest private sector lender by assets is eyeing a large share of the potential Rs 31 lakh crore of payments and settlement market to more than 2 crores small, big, offline and online businesses by fiscal 2022 by offering these wholesalers and retailers payment systems bundled with cash management and credit facilities. The bank is targeting income from fee, credit and savings due to use of technology by offering these services to these large and small establishments spread across the country. As per RBI data the market for merchant services is Rs 2.32 lakh crore or about Rs 24 lakh to Rs 25 lakh crore in fiscal 2020 and is expected to increase 45% to Rs 31 lakh crore by fiscal 2022. The merchant stack will provide “seamless banking services” to over 2 crore retail merchants in the country. The bank also expects to extend other services like short term loans of tenure between six months to 1 year. HDFC Bank HDFC Bank, the country's largest private… Read full this story
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