Paytm launches recurring payments service for merchants
Paytm has launched recurring payment (auto pay) service for merchants that are working on a digital subscription model. The move will allow the subscription-based businesses to collect payments from their subscribers effortlessly.
The auto pay service is targeted at people who use Paytm for bill payments, content subscription, grocery purchases, membership fees, housing society payments etc. The service is being offered as an additional mode of payment other than credit/debit cards, internet banking and other Paytm proprietary instruments.
Recurring payments are an automatic payment system wherein the merchants automatically charge their customers for a specified service on a pre-arranged schedule. This requires the merchant to first get explicit permission from the subscriber and post-one-time authorisation fee, the subscription amount will automatically get deducted after a regular interval.
In order to take care of the requirement of the businesses, Paytm Payment Gateway offers the Software Development Kits (SDKs), Developer APIs and secure checkout solutions. This will allow for an intuitive payment experience and easy integration with all third-party platforms. Paytm Payment Gateway already offers a wide array of payment solutions, right from instant plug-and-play offerings to deep merchant platform integrations.
Commenting on the launch, Sr. Vice President, Paytm, Kiran Vasireddy said, “Our easy-to-integrate subscription billing service would make payments easier and seamless than ever before while allowing new-age entrepreneurs to offer innovative services at aggressive pricing. Developers can now have instant access to Paytm’s sandbox and can go live with this frictionless payment flow in no time.”
Paytm has become the preferred payment gateway for several large online businesses such as IRCTC, Zomato, Oyo Rooms, Grofers, Swiggy, Big Basket and Idea among others. It is the market leader in the Payment Gateway industry in India and processes 400 million transactions every month for its merchant partners.
Earlier, Paytm launched a subscription-based loyalty program called Paytm First. The program brings together all of the user’s subscription such as food and shopping apps, and entertainment including music, movies and TV on one platform.