Digital payment platform Paytm on Monday (29 April) said that their payment gateway processes 400 million transactions monthly for its merchant partners, Your Story reports.
The company also announced the launch of a recurring payment feature for merchants, which would use the Paytm’s payment gateway and aims to give businesses based on subscription a simple method to collect payments from their users.
COO of Paytm, Kiran Vasireddy, 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.”
The automatic billing feature is based on the frequency of a user’s subscription. The feature is expected to ease payments for utility bills, content subscription, membership fees, grocery payments and housing society payments.
Paytm gateway’s instant plug-and-play offerings and in-depth merchant platform mergers have helped the platform the expand its merchant base. Currently, the company is focusing on driving an intuitive payment experience and easy integration with third-party platforms.
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