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1816 days ago Paytm Automatic Recurring Payment Launched for Merchants | Details Inside
FKM Content Writer
Paytm, India’s largest digital payments company and also the market leader in the Payment Gateway industry always add features to ease the life of their consumers. Remember, At the time of 500 and 1000 rupees note ban in India, it has become a huge relief for people.
This time with the new move of recurring payment option Paytm will allow the subscription-based businesses to collect payments from their subscribers effortlessly. At the same time, consumers who are opting for recurring payments can now activate this service not only from Paytm wallet, but also their bank accounts, debit cards, credit cards, net banking and more.
This means, that even if the Paytm user doesn’t have money in their wallet, the recurring payment can be deducted directly from the bank account or credit card, as per the preference of the user. Yeah! It’s a great relief for people like me, who do not want to give details every time.
To be more precise this auto pay service is targeted at people who use Paytm for bill payments, content subscription, grocery purchases, membership fees, housing society payments, etc.
Payment Method Supported for Paytm Recurring Payments
Paytm currently supports the following payment methods to collect recurring payments -
Payment method | Card Scheme | Banks |
| Credit Card | Visa, Master Card, AMEX (coming soon) | All Banks |
| Debit Card | Debit Card | ICICI, Kotak, Citibank, Canara Bank, Standard Chartered |
| Paytm Wallet |
How Paytm Recurring Payment Option Saves your Time
If we pay close attention to our day to day life then we will find that most of the payments we make are recurring. There are in fact very few one-time payments, and most often we just repeat the payments.
Hence, the new recurring payment option from Paytm is a huge step towards saving our time and energy. Few examples to show are:
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Making bill payments: Every month we come across with telephone bills, mobile post-paid invoices, DTH/Cable monthly payments, electricity bills, water bills and more. Surely these are repeated every month, and with the recurring payment setup, we just need to do setting once and then live a carefree life!.
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Paying Monthly Rentals: Home rent, shop rent, EMIs, etc, which are again paid every month., and most often than not, the amount is the same. Once Paytm’s recurring payment is set up, the auto-debit mechanism will kick in, and the rentals will be paid without any headache.
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Paying Content Subscriptions: We all encounter monthly billing for accessing online newspapers, magazines, etc. So from now, the users can set up a fixed monthly payment, which will be recurring every month.
How to Start with Paytm Subscription?
Paytm subscription payments involve these major steps:
1. Creation of Subscription:
As we know, A subscription starts with taking consent from the customer to deduct periodic payment from his/her chosen payment method for a product/service.
The customer journey goes like that -
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You offer to provide a product/service on an ongoing basis under one or more subscription plans. This plan presents a payment schedule to the customer.
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Once the customer selects a plan, she makes a one-time payment to provide
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Consent on regular and timely payments as per the service schedule
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Link a payment instrument from which all future plan payments will be deducted automatically
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2. Collect Recurring Payments for Subscription:
In this step, the customer’s registered payment instrument is charged without their intervention. You initiate a renewal transaction that is validated by Paytm against the subscription plan established in STEP 1. In case the validation is successful, a charge is made to customer’s registered payment instrument.
Also Read: Paytm UPI Offers and Earn Cashback
What is Recurring payment?
Recurring payments are an automatic payment system where the merchants automatically charge their customers for a specified service on a pre-arranged schedule. This requires the merchant to first get explicit permission from the subscriber and post-one-time authorization fee, the subscription amount will automatically get deducted after a regular interval.
To make it easily adoptable by merchant websites Paytm has also updated its Developers’ Section to include options and methods via which merchants can incorporate the recurring payments into their websites, apps, and barcodes, easily. Software Development Kits (SDKs), Developer APIs and secure checkout options have been added in the documents, for developers.
This is all about the Paytm newly launched recurring payment option. For any doubt or more details do visit paytm developers page on subscription payment.
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