Paytm Launches Recurring Payment Options: 3 Ways It Will Help Indian Consumers, & Digital India
Days after Govt. of India allowed auto-debit options for bank accounts, India’s largest mobile wallet: Paytm, has now announced the launch of recurring payments for merchants.
How will it help consumers of this Digital Age?
Keep reading to find out more!
Recurring Payment Option For Paytm Merchants
Merchants who are using Paytm’s platform for accepting payments from their consumers can now opt for recurring payments as well.
On the same hand, consumers who are opting for recurring payments can now activate this service not only from Paytm wallet, but also their bank accounts, debit cards, credit cards, net banking and more.
This means, that even if the Paytm user doesn’t have money in their wallet, the recurring payment can be deducted directly from the bank account or credit card, as per the preference of the user.
This is a big boost for digital transactions, as till now, only one-time payments were allowed via Paytm wallet.
Kiran Vasireddy, COO – Paytm said, “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.”
3 Ways Recurring Payments Will Benefit Users
If we analyze objectively, most of the payments we make are recurring. There are very few one-time payments, and most often we just repeat the payments.
Hence, the new recurring payment option from Paytm is a huge step towards propagating and encouraging online transactions among users.
This can help consumers while:
- Making Bill Payments such as telephone bills, mobile post-paid invoices, DTH/Cable monthly payments, electricity bills, water bills and more. These are repeated every month, and all the user will need to do is, set up the recurring payment, and then forget about it.
- Paying Monthly rentals such as home rent, shop rent, EMIs, etc, which are again paid every month., and most often than not, the amount is same. Once Paytm’s recurring payment is set up, the auto-debit mechanism will kick in, and the rentals will be paid without any hiccups.
- Paying Content Subscriptions like monthly billing for accessing online newspapers, magazines etc. Making grocery payments from the neighborhood shop, as now, the users can set up a fixed monthly payment, which will be recurring every month.
Besides these, there are tons of scenarios and conditions, wherein recurring payments can help the users to simplify their lives: Paying home loan EMIs, car loan EMIs, credit card bills etc.
Paytm has updated their Developers’ Section to include options and methods via which merchants can incorporate the recurring payments into their websites, apps and barcodes, easily. Software Development Kits (SDKs), Developer APIs and secure checkout options have been added in the documents, for developers.
We will keep you updated, as more details come in.