Posted by Mumbai: Paytm Payment Gateway processes business payments of over 750 millions monthly transactions. With this, the Paytm all-in-one payment gateway has become the largest processor of business payments, the company said on Monday.
The increasing adoption of online payments in sectors such as BFSI, retail and D2C e-commerce, utilities, edu tech, food delivery, digital entertainment, gaming and online shift of businesses during and post COVID times are driving the growth for Paytm Payment Gateway.
The Paytm Payment Gateway’s transaction volume has long surpassed pre – COVID levels. This includes Paytm and Paytm Payments Bank issued instruments such as Paytm Wallet, Paytm PostPaid, Paytm Gift Vouchers and Loyalty Points in addition to the standard payment methods such as UPI, net banking, all debit and credit cards.
Its growth is also fuelled by offering UPI and Rupay transactions completely free for online businesses, SMBs and large enterprises.
The company said it is the only platform that does not levy any charges on UPI and Rupay transactions nor circumvent any guidelines by levying such charges. Payment instruments issued by Paytm Payments Bank, including Paytm Wallet and Paytm UPI, have contributed about 60% to the total transactions registered on the gateway.
Also, Paytm PostPaid and EMI services launched last year have continued to gain popularity with users and are registering 25% month-on-month growth.
Paytm Payment Gateway runs on modern AI-backed technology stacks offering industry-leading success rates, uptime and transaction processing capacity along with developer-friendly, customisable SDKs and tech support to build highly customised user interfaces for users.
It also comes with a merchant dashboard allowing merchants to run their business effectively and to create payment links, disburse funds through payouts, view transactions and settlement reports, generate invoices, issue refunds and more features.
Using these most advanced Payment Gateway APIs, technology-savvy startups and developers are readily integrating the comprehensive services and digitizing their business processes. With these payment services, the company said that millions of merchants have been able to digitize and automate their payment collection, disbursement and reconciliation processes.
In a short span of time, over 42% of its partnered business partners have moved towards creating and sharing payments link /invoices without investing time to build their own platform. Paytm Payment Gateway’s AI-enabled comprehensive product suite has led to 2x growth in digital transactions for these businesses.
Similarly, Paytm Payout processed over Rs. 1660 crore of the monthly transactions and has become the most reliable for companies to make regular payments to a large number of vendors, salaries and food allowance to employees and other payments.
“We are the leading providers of payment gateway services and take pride in enabling millions of businesses to automate and centralise their payment processes. This step will further deepen the importance of digital payments for businesses and bring to them the advantages of the digital economy,” said Praveen Sharma, SVP – Paytm.
“Our systems have the capacity to manage up to 2500 transactions per second which ensure stability when our enterprise merchants see spikes during special events and sales. We will continue to launch new solutions that make business processes simpler, flexible and more efficient,” added Sharma.
As per the latest RedSeer report on digital payments in India, Paytm all-in-one Payment Gateway is the fastest growing payment gateway with over 42% market share.
The list of enterprise clients includes industry leaders such as IRCTC, Zomato, Uber, Jio, Oyo, Swiggy, Big Basket, Gaana, MPL, Grofers, Curefit, Flipkart, and Dream11 among others. Also, it has a strong presence and acquires merchants through direct routes, bank partnerships and other aggregators under its Paytm Partner Program.