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HDFC’s PayZapp, India’s First Apple Pay Feature, Enters Mobile Payments

India’s largest private bank, HDFC Bank, has released its one-click payment platform called PayZapp, which is expected to be positioned as an all-in-one mobile payments platform as part of HDFC’s ‘GoDigital’ strategy.

Though PayZapp sounds like just another of the mobile payment app seen in the last two years providing numerous mobile payment solutions and, with the exception of M-PESA, all of them are home-developed apps: PayMate, PayZippy, Paytm, Bijlipay are the names that cropped up as disruptors in the mobile payment space in recent years.

The early bird Airtel Money – with its closed loop model – never really took off either. Other banks like ICICI Bank (which launched M-PESA) and Axis Bank (PingPay – social media-based payment) have launched innovative mobile payment services to customers so far.

However, being the first in its category, PayZapp is poised to make use of Apple Pay, which is making inroads in the US mobile payment industry with Samsung Pay and Android Pay following in quick succession.

PayZapp operates on the existing payment infrastructure – just like ApplePay – the cardholder can scan the HDFC Bank debit or credit card or key in the number after downloading PayZapp from Google Play. It is also available for Visa and MasterCard, which means all HDFC Bank plastics in circulation are available for use as mobile payment cards through this app.

Being introduced by the largest private bank, PayZapp, on the back of ApplePay, may emerge as a game changer, as it eliminates the various intervening steps required to pass a mobile transaction, following RBI norms of two-factor authentication.

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