Paytm Payment Gateway launches UPI subscription services for businesses
The subscribers and customers will be able to choose and pay through their preferred payment option of Patym Wallet, UPI or cards.
Indian digital payment gateway service provider Paytm on Tuesday announced the launch of subscription service for businesses. Named as ‘Paytm Subscriptions’, the service will enable businesses to collect payments from their users via flexible payment methods.
Speaking about the development, Saloni Malhotra, Vice President at Paytm said,
"We are excited to launch Paytm Subscriptions, which enables companies to receive periodic and timely payments for their services. Businesses of all sizes can integrate flexible payment options for their subscribers. We have already onboarded several leading online platforms and are expecting to bring in more than 1,000 businesses within the next six months."
Paytm Founder Vijay Shekhar Sharma
Subscribers will be able to choose to pay through their preferred payment option of Patym Wallet, UPI or cards.
To provide a seamless user experience, the payment gateway is built with intelligent features such as pre-debit notifications, smart retry, intelligent routing between multiple bank gateways, card expiry notifications, and intelligent error code handling.
Merchants can also integrate the payment options to display them on a TV screen or facilitate in-app purchases.
Paytm claims that the new solution will help the entire payment process to become faster, and targets the highest success rate in the industry. Other popular platforms such as Zee5, Disney+, Epic On, JioSaavan, Gaana, and The Hindu have started using the service for subscription payments.
According to a RedSeer Consulting report, Paytm tops merchant payments list by constituting 50 percent of the market share, followed by PhonePe at 30 percent, GPay at 10 percent, and others at 10 percent as well.
According to the report, Paytm has a strong presence in ‘Bharat’ — i.e. Tier-III cities and beyond — with over 16 million merchants on its platform, maintaining a huge lead in wallet payments. RedSeer said that Paytm is the market leader on the Payments to Merchants (P2M) side with over 50 percent of the market share. Its P2M consumers have also shown the highest satisfaction, leading with a Net Promoter Score (NPS) of 42 percent.
Edited by Kanishk Singh