Paytm is one of the major payment and financial services companies in India. The company also claims to have popularised QR and mobile payments in the country. This financial platform which is owned by One97 Communications Limited (OCL) has launched the new Paytm UPI SDK. Paytm’s UPI SDK is powered by the technology that is used by the company’s Payments Bank. The company is also distributing the new tech to its existing online merchants by Paytm Payments Services Ltd.
Paytm UPI SDK: Importance
The company claims that this next-gen feature will allows customers of online merchants to make UPI payments directly and in line from the merchant’s mobile app without getting redirected during checkout. With this, customers will be able to pay directly from their bank accounts by entering their UPI PIN without leaving the merchant app.
Paytm also promises four times faster UPI payments with UPI SDK for customers. It also claims a five-fold reduction in the number of taps and a 100% elimination of any external redirection. In such cases, customers have to switch between merchant and payment apps to complete transactions. This ultimately leads to fewer clicks, faster transactions, higher success rates and increased customer retention.
How will it help online businesses
With Paytm UPI SDK, online businesses can offer their customers the ability to conveniently check their account balance, create VPA handles, add more UPI-linked accounts as well as set/reset UPI PIN in real-time within their app before making a payment.
This is a part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition services to merchants.
Paytm UPI SDK: Importance
The company claims that this next-gen feature will allows customers of online merchants to make UPI payments directly and in line from the merchant’s mobile app without getting redirected during checkout. With this, customers will be able to pay directly from their bank accounts by entering their UPI PIN without leaving the merchant app.
Paytm also promises four times faster UPI payments with UPI SDK for customers. It also claims a five-fold reduction in the number of taps and a 100% elimination of any external redirection. In such cases, customers have to switch between merchant and payment apps to complete transactions. This ultimately leads to fewer clicks, faster transactions, higher success rates and increased customer retention.
How will it help online businesses
With Paytm UPI SDK, online businesses can offer their customers the ability to conveniently check their account balance, create VPA handles, add more UPI-linked accounts as well as set/reset UPI PIN in real-time within their app before making a payment.
This is a part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition services to merchants.
Paytm’s UPI SDK is an add-on feature under the same arrangement, which enables businesses to integrate the UPI payment system into their existing mobile apps using a low-code approach and customisable UI themes.
SDK to support more than just UPI
In addition to UPI, the SDK will also soon support new payment types like UPI LITE and UPI on Rupay Credit Card, providing users with more flexibility without any additional integrations.
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