Tag: Praveen Sharma

Technology

Paytm brings its card-on-file tokenization to Myntra, Oyo, Domino’s and others; enables secure online transactions

Nov 30, 2021 by Rekha Nair 0 Comments #MD & CEO, #Paytm Payments Services Ltd., #Praveen Sharma

Mumbai: India’s leading digital ecosystem for consumers and merchants. Paytm today announced that its wholly-owned subsidiary Paytm Payments Services Ltd (PPSL) has made strides with its card-on-file tokenization or “Paytm Token Gateway”. The company has partnered with platforms such as Myntra, Oyo, Domino’s and others, while also joining hands with payment giants like Visa, Mastercard and RuPay. With the partnership, the card on file tokenization service will be available for all of Paytm’s consumers and merchants. It is aligned with the Reserve Bank of India’s guidelines which said that “saved cards” feature won’t be allowed on a merchant network anymore.

A tokenized card transaction is considered to be safer as the user’s actual card details are not shared with the merchant. Instead, tokenization makes way for the card’s details to be stored as a unique, irreversible ‘digital token’ instead of a 16-digit number. This digital token ensures that a user’s card details remain only with the user and is not shared with merchants or any third party payment processor. Instead the details are only shared with the issuing bank and the affiliated network. It will also require explicit customer consent via additional authentication.

This makes way for safe and secure payments for end customers and also helps in mitigating fraud. Without the card tokenization feature, users will have to feed their entire 16-digit credit or debit card number everytime they do an online payment or transaction.

It is especially critical for e-commerce companies as it will allow them to offer their customers the ease of tokenizing debit and credit cards. This means end customers can continue to shop via the saved cards feature, which allows faster checkout.

As per the RBI’s guidelines, all merchants/ecommerce stores have to comply with the new card-on-file tokenization feature by December 31, 2021.

Praveen Sharma, MD & CEO, Paytm Payments Services Ltd. said, “Tokenization is the future of digital payments and also ensures safety, as a user’s card details are not shared with anyone. Our merchant partners can now offer seamless, secure payments to their users. At Paytm, it is of paramount importance to ensure secure digital payments and we are happy to offer Paytm Token Gateway to India’s merchants and online e-commerce platforms along with our partners Visa, Mastercard and Rupay.”

Business World, News

Paytm Payment Gateway is the largest processor for business payments, achieves 750 Mn monthly transactions

Mar 22, 2021 by Rekha Nair 0 Comments #Praveen Sharma, #Sr. Vice President at Paytm

Hyderabad: India’s leading digital financial services platform Paytm has today announced that it’s ‘All-in-One Payment Gateway’ is the largest processor of business payments and now registers over 750Mn monthly transactions, driven by the increasing adoption of online payments for sectors such as BFSI, retail & D2C e-commerce, utilities, edTech, food delivery, digital entertainment, gaming and online shift of businesses during and post covid times. The Paytm Payment Gateway’s transaction volume has long surpassed pre-covid levels. What has further accelerated this adoption is the most number of payment sources Paytm PG offers than any other player in the market. This includes Paytm & 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.

Paytm Payment Gateway’s growth is also fuelled by offering UPI and Rupay transactions completely free for online businesses, SMBs and large enterprises. It is the only platform that does not levy any charges on UPI & Rupay transactions nor circumvent any guidelines by levying such charges. The ever increasing adoption of 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 & EMI services which were launched last year has continued to gain popularity with users and are registering 25% month-on-month growth.

Powered by the most modern and robust AI-based tech stacks, Paytm All-in-One Paytm Gateway offers industry-leading success rates, uptime, and transaction processing capacity. Coupled with best in class tech, Paytm Payment Gateway provides developer-friendly, customizable SDKs & technology support to build highly customized user interfaces that enhance the overall payment experience for end customers. The Paytm Payment Gateway also comes with a powerful merchant dashboard, which allows merchants to run their business effectively. It also allows businesses to create payment links, disburse funds through payouts, view transactions and settlement reports, generate invoices, issue refunds, and do a lot more. Using these most advanced PG APIs, technology-savvy start-ups and developers are readily integrating the comprehensive services and digitizing their business processes.

By availing services of Paytm Payments Gateway, millions of merchants have been able to digitize & automate their payment collection, disbursement, and reconciliation processes. They accept payments via a wide range of Paytm-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 & credit cards. 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. Fast & seamless payments due to Paytm Payment Gateway’s AI-enabled comprehensive product suite has led to 2x growth in digital transactions for these businesses. Similarly, Paytm Payout has 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, rewards or instant refunds to their customers and even other expenses like utility bills for multiple offices.

Praveen Sharma, Sr. Vice President at Paytm said, “We are the leading providers of payment gateway services and take pride in enabling millions of businesses to automate & centralize 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. 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.”

As per the latest RedSeer report on digital payments in India, Paytm All-in-One Paytm Gateway is the fastest growing payment gateway with over 42% market share. It is a leader in the Payment Gateway segment and has built strong traction in the enterprise business. 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.