A good news for Paytm users as now your monthly payments for subscriptions such as Netflix, Hotstar, along with other recurring bills and utility services can be automated as digital payments platform Paytm has added a new feature for the same.
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How Did This Happen?
Now, your monthly payments for subscriptions such as Netflix, Hotstar, along with other recurring bills and utility services can now be automated as digital payments platform Paytm has added a new feature for the same.
It was launched in partnership with Paytm Payments Bank, Paytm PG is the first payment platform in the country to enable this feature, as per the RBI guidelines
On Monday, the homegrown digital payments company said “Users can set automatic payments for recurring use-cases including utility recharges, bill payments, content subscription, mutual fund investments, loan repayments, grocery purchases, membership fees, housing society payments among others,”.
How Will This Help?
With this feature, Paytm users can also time their monthly payments and the same will be conducted automatically.
Also, the company looks to process about 1 crore subscription-based transactions in the coming six months.
Now, they would also have the option of automatically timing monthly payments for their favourite OTT service including Hotstar, JioSaavn, Gaana and Zee5.
Only user would have to do is give one-time approval to the merchants of their choice whom they want to pay at regular intervals.
What Is Different About This?
Although Paytm already has the option of recurring payments via cards and bank accounts using NPCI’s E-Mandate solution, the unicorn company aims to launch UPI as a mode of payment in the coming months.
Moreover, with this new feature, payments can be settled using Paytm wallet.
Though, the company has capped the maximum amount for recurring payments via wallets at Rs 2,000 for each transaction.
How Does It Work?
Simply to use this feature, Paytm users have to give one-time approval to the merchants for whom they want to automate payments on the platform.
Apart from that, other details like merchant name, subscription start date, frequency of debit also need to be filled in at the time of creating the subscription.
Although, a user won’t need to provide details for subsequent payments.
Alos, the company will notify the users a day before payment so that the user can avail out if the service is no longer required.
While talking about the need for automation in recurring services, Puneet Jain, Senior Vice President Paytm said ”Rapid adoption of OTT platforms and digitization of use cases such as bill payments and financial investments is fuelling demand of subscription-based payments in the country”.
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