Paytm, India’s largest Digital Wallet Company has launched an automated payment collection service for online merchants. This service is designed to enable subscription-based businesses to collect payments automatically from the members on a monthly basis. The feature is termed to be beneficial for merchants and customers and can be used for bill payments, content subscription, grocery purchases, membership fees, housing society payments and much more. According to the company, the service will be supported on a wide range of payment methods such as credit cards, debit cards, net banking, Paytm proprietary instruments, and saved cards on Paytm. It will allow for automatic billing based on the frequency of subscription chosen by the members.
The aim of the automated service is to simplify the payment experience of users and allow retailers to reach millions of users for their subscription services. As per Paytm COO’s statement, ‘Frictionless recurring payments is a critical element of subscription businesses”.