To further bolster its position in the mobile payments segment, Paytm has now started recurring payments service for the companies which are working on a digital-subscription model for generating revenues. The feature provides services, utilities, and media, among others.
This new features will now allow developers and entrepreneurs to utilize Paytm as a channel for recurring payments. After one-time authorization, subscription amount will be auto debited from their Paytm wallet periodically. Describing the feature, Kiran Vasireddy, senior vice president at Paytm said,
Our easy-to-integrate subscription billing service would make payments easier and seamless than ever before while allowing new age entrepreneurs to offer innovative services at an aggressive pricing. Developers can now have instant access to Paytm’s sandbox and can go live with this frictionless payment flow in no time.
Several companies, such as Gaana, Hotstar, and Saavn are already live with the option to pay through Paytm wallets. The platform has also created plug-ins for all major e-commerce platforms like Magento, Drupal Commerce, WordPress, and more.
The digital wallet service provider currently has over 200 million wallet users. It is also planning to on-board 1 crore offline merchants on the payment platform by the end of this year. In this space, Paytm’s wallet service is competing against the likes of Freecharge and MobiKwik.
Recently, the company had announced that it is planning to invest around ₹600 crore over the course of next ten months for the expansion of its QR code-based payment system. With such payment solutions in its arsenal, the company is aiming to add 10 million new merchants on the platform, enabled with QR codes across 650 districts. Also, the company has set itself a goal of achieving this target by December this year.
Paytm recently spun-off its operations into three entities — wallet service, e-commerce marketplace, and the payments bank service. Reliance Capital, one of the investors of the company, sold its 1 percent stake to Alibaba Group for Rs 275 crore.
Alibaba along with its payment affiliate Alipay holds over 40 percent stake in Paytm. The recent massive $177 million investment has led its combined shareholding to increase by around 22 percent, thus, making it own a majority 62 percent.
