Paytm has today announced the launch of its recurring payment offering for online merchants. With this addition, the company aims to equip subscription-based businesses to effortlessly collect payments from their users.
Consumers have the option of choosing their preferred mode of payment like Credit Cards, Debit Cards, Net Banking, Paytm proprietary instruments and saved cards on Paytm for automatic billing based on the frequency of their subscription. It is mainly targeted at multiple payment use cases like bill payments, Content Subscription, Grocery Purchases, Membership Fees, Housing Society Payments and a lot more.
Paytm Payment Gateway offers Software Development Kits (SDKs), Developer APIs and secure checkout solutions to address custom payment requirements various types of businesses.
Paytm claims to be the preferred payment gateway for several large online businesses such as IRCTC, Zomato, Oyo Rooms, Grofers, Swiggy, Big Basket and Idea among others. In the press release, Paytm has claimed its payment gateway processes 400 million transactions every month for its merchant partners.
Kiran Vasireddy, COO – Paytm said, “At Paytm, we continue to invest in innovative technologies to cater to the evolving payment needs of our merchant partners. Frictionless recurring payments is a critical element of subscription businesses and with this feature on our Payment Gateway, merchants can now reach out to millions of users for their subscription offerings. We expect this new feature to benefit both merchants and customers alike.”