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Indian-based digital payment major, Paytm announced its payment gateway now processes 400 million transactions per month for its merchant partners. It also launches a recurring payments option through the payment gateway offering for merchants.
The company on Monday said that it focuses on equipping the subscription-based businesses to collect payments from the users, effortlessly. Consumers can have the option of selecting the preferred mode of payments in the form of credit and debit cards, Paytm proprietary instruments, net banking, and saved cards on its platform.
Paytm COO, Kiran Vasireddy, stated that
“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.”
The payment gateway’s plug-and-play offerings and merchant platform integrate to help rapidly expand the merchant base on Paytm. The company is currently focusing on driving an intuitive payment experience and quick integration for the third-party platforms.
Paytm payment gateway allows merchants to receive payments through email, SMS, and chat. The instant billing platform claims that significant businesses like IRCTC, OYO Rooms, Swiggy, BigBasket, Idea, and Zomato uses its payment gateway.
Paytm is not only the company that operates a payment gateway to its consumers. The company’s primary rival, Gurgaon-based MobiKwik, do owns its proprietary gateway that includes brands like Uber and Dominos Pizza as its clients.