Paytm launches automates bill payment for OTT subscriptions, others; check details
Do you have Netflix, Hotstar subscriptions, along with other recurring bills and utility services? Here's good news for you as monthly payments to get easier as automated. Digital payments platform Paytm has added a new feature for the same. Paytm, India's largest payment gateway now gives its users the ease to make automatic recurring payments for their subscription-based spends.
Launched in partnership with Paytm Payments Bank, Paytm PG is the first payment platform in the country to enable this feature, as per the RBI guidelines.
Users can set automatic payments for recurring use-cases including utility recharges, bill payments, content subscription, mutual fund investments, loan repayments, grocery purchases, membership fees, housing society payments among others. They would now also have the option of automatically timing monthly payments for their favourite OTT service including Hotstar, JioSaavn, Gaana and Zee5. All a user would have to do is give one-time approval to the merchants of their choice whom they want to pay at regular intervals.
Puneet Jain, Senior Vice President- Paytm said, "Rapid adoption of OTT platforms and digitization of use cases such as bill payments and financial investments is fuelling demand of subscription-based payments in the country. With our recurring payments facility, we aim to enhance customer convenience and help them avoid disruption of services. It will also benefit the merchants with timely receipts of payments. This year, we are expecting 10x growth in this segment and processing recurring payments worth hundreds of crores."
Payments can be made using Paytm wallet for recurring payments of up to Rs. 2000 for each transaction. The company already offers recurring payments via Cards and Bank Accounts using NPCI's E-Mandate solution & plans to launch UPI as a mode of payment in the coming months
To make the transaction process seamless, the user will be required to provide one-time consent at the time of the creation of the subscription. The details would include merchant name, subscription start date, frequency of debit and the amount to be paid. The user won't be required to share any other details for the subsequent payments.
The customers will be sent a pre-transaction notification at least a day prior to the scheduled payment. This notification will also carry a link to conveniently opt-out of the mandate before the debit in case the user does not wish to avail the services of the merchant. Similarly, the user will also receive another notification immediately after the transaction.
Paytm has become the preferred payment gateway for several large online businesses such as IRCTC, Dominos, Jio, Zomato Oyo, Grofers, Swiggy, Big Basket and Idea among others. It is the market leader in India's Payment Gateway industry with over 50% share and processes 400 million transactions every month for its merchant partners.
