RBL Bank, one of India’s fastest growing scheduled commercial banks and TranServ, a leading payments company are partnering to introduce an innovative digital payment product suite – Shmart!TM, for online retailers in India.
Developed specifically to address the unique needs of online retailers in India, Shmart!TM has been deployed by over 150 merchants, including several category leaders in e-commerce.
Starting today, online merchants can offer their customers faster checkout, instant refunds, secure storage of bank cards, vouchers & coupons, and a RBL Bank sponsored semi-closed loop prepaid account to store funds. They can also process transactions across multiple channels – mobile, web or point-of-sale (PoS). The Shmart!TM product suite seamlessly integrates with the interface of e-commerce websites & mobile apps, allowing retailers to control their brand and their customers’ experience.
Mr. Ritesh Pai, Senior Vice President and Head – Direct Banking Channels at RBL Bank said, “RBL Bank is pleased to launch this innovative payment solution for e-commerce retailers – demonstrating our focus on e-commerce. Designed in conjunction with our partner TranServ, Shmart!TM is already getting great feedback from our initial set of customers. We look forward to helping merchants across India benefit from the explosion in e-commerce.”
Commenting on the launch, Mr. Anish Williams, CEO, TranServ said, “Our vision is to make digital payments simple, convenient and secure. We are delighted to offer Shmart!TM to the wider community online retailers today with our partner, RBL Bank. This is the first digital payments platform in India which gives both merchants and consumer bank-grade security and trust. Several online merchants, large & small, are already using the Shmart!TM product suite and we look forward to introducing it to many others.”