On Friday, mobile wallet company Paytm announced the launch of AI-based router engine to help merchants to gain higher payment success rates. The company also has its own payment gateway to have secure transactions.
The company said that the AI-based SaaS engine is the top multiple payment aggregators that analyse data via route transactions to perform better aggregator for improving success rates.
Dealers who have registered with the other payment gateways can also leverage this to optimise the successful digital payments for their businesses.
With the launch, the Paytm Payment Gateway enables smart processing of bank OTP and enhances the bank pages. The algorithm of the engine instantly calculates the success rate for the card bin for every bank. It routes payment traffic to boost the performing aggregator providing different payment methods.
The AI-based routing engine uses big data analytics to provide merchants with easy analysis of retailers sales, transactions, and success rates in a dashboard for easy reference. But the pricing of the router is not yet disclosed.
Puneet Jain, VP for Paytm Payment Gateway said,
“Our partnered merchants spend massively on customer acquisition and retention. The last thing they want is losing a customer due to payment failure. We are excited to introduce an AI-based routing engine that addresses this problem by optimising the payment workflows and routing the transaction to best-performing payment aggregator in real time. Further, this will help online merchants reduce development effort to enable various PG providers and achieve faster time to market.”
The Payment Gateway claimed to process over 400 million transactions every month. Paytm online clients for the Gateway includes OYO, PVR, Club Factory, Zomato, Jio, Idea, IRCTC, UrbanClap, Dominos among others.