Paytm launches recurring payments for businesses through netbanking, cards and wallet

Paytm launches recurring payments for businesses through netbanking, cards and wallet:

Paytm on has announced the launch of a recurring payments feature for merchants using its payment gateway. This will allow subscription-based businesses to collect payments through a variety of payment modes, including credit cards, debit cards, netbanking and Paytm Wallet, the company said in a release, adding that it can be used for Bill Payments, Content Subscription, Grocery Purchases, Membership Fees, Housing Society Payments and among other things. Paytm had launched recurring billing for businesses in 2017 but the feature only worked with its wallet. Companies such as Gaana, HotStar and Saavn had adopted the feature, but it suffered from one flaw – how would payments be processed if a user’s digital wallet was empty?

Paytm Payment Gateway offers Software Development Kits (SDKs), Developer APIs and secure checkout solutions to address custom payment requirements various types of businesses.

“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,” said Kiran Vasireddy, chief operating officer, Paytm.

Last week, The National Payments Corporation of India (NPCI) received approval from the Reserve Bank of India for implementing e-mandates for both internet banking and debit cards. This will allow users to issue standing instructions to automatically pay their recurring payments using NPCI’s instruments.