Noida-based digital payments company Paytm, owned by One97 Communications Ltd, has launched a recurring payment offering for its merchants, aimed at allowing subscription-based businesses to collect recurring payments from its users.
In a statement, the company said it is processing 400 million transactions every month for its merchant partners.
The new offering is likely to simplify payments for several growing use cases in India such as bill payments, content subscription, grocery purchases, membership fees and housing society payments.
Consumers have the option of choosing their preferred mode of payment like credit cards, debit cards and net banking for automatic billing based on the frequency of their subscription.
Paytm said it offers software development kits, developer APIs (application program interface) and secure checkout solutions to address custom payment requirements of different businesses.
“At Paytm, we continue to invest in innovative technologies to cater to the evolving payment needs of our merchant partners. Frictionless recurring payment is a critical element of subscription businesses. With this feature on our payment gateway, merchants can now reach out to millions of users for their subscription offerings,” said Kiran Vasireddy, COO at Paytm.
The company claims to be the preferred payment gateway for several large online businesses such as IRCTC, Zomato, Oyo Rooms, Grofers, Swiggy and BigBasket.
Last month, Paytm was reportedly in talks to raise $1.5-2 billion from existing investors SoftBank Vision Fund and Alibaba affiliate Ant Financial.
Paytm also launched a customer loyalty programme called Paytm First last month, comprising offers on its own services such as payments, movies and travel as well as those of others such as Zomato, Gaana and Uber.