Paytm launches recurring payments service
Paytm has launched recurring payments on its online payments interface in India to enable subscription services and bill payments for users.
"Friction-less 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,” Paytm’s COO Kiran Vasireddy told TNN. “We expect this new feature to benefit both merchants and customers alike.”
The service allows customers to use debut or credit cards for automatic billing and offers a range of subscription packages. Paytm’s subscription business incurs an annual fee of Rs 750 ($10.74) and the business is actively seeking out merchants to come on board. The Noida-based business recently reported processing around 400 million transactions a month and has over seven million merchants.
Paytm has emerged as one of India’s largest online payments services and the business has been vocal in its criticisms of the government’s draft e-commerce policy, calling for a focus on Indian businesses. Paytm Mall saw its losses increase almost 150 times to reach Rs 1,787 crore for the 2017-18 financial year as compared to Rs 14 crore in the 2016-17 financial year. The business plans to invest $2 billion to $2.5 billion in e-commerce in the coming three to five years.
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