Paytm on has announced the launch of a recurring payments feature for merchants using its payment gateway. This will allow subscription-based businesses to collect payments through a variety of payment modes, including credit cards, debit cards, netbanking and Paytm Wallet, the company said in a release, adding that it can be used for Bill Payments, Content Subscription, Grocery Purchases, Membership Fees, Housing Society Payments and among other things. Paytm had launched recurring billing for businesses in 2017 but the feature only worked with its wallet. Companies such as Gaana, HotStar and Saavn had adopted the feature, but it suffered from one flaw - how would payments be processed if a user’s digital wallet was empty? Individual users have been able to set up recurring payments on Paytm since last May, when the company launched its ‘My Payments’ feature. It lets users transfer money from their bank account or wallet to any bank account at no additional cost and is similar to the standing instructions that one would give a bank. Importantly, Paytm users who have not completed their KYC can also use the facility, and there is no upper or lower limit on the number of payments or the amount that can be transferred. The company also offers a feature called Paytm Automatic, which lets users set up recurring billing through a credit card or debit card. Paytm claims to processes 400 million transactions for its merchant partners every month, and is being used by IRCTC, Zomato, Oyo Rooms, Grofers, Swiggy,…
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