Paytm is soon going to get a real-time AI-based decision making payment gateway on its platform. This will help merchants to achieve a higher payment success rate than they do now. This new system is powered by Big Data, which has made Paytm capable of offering the analysis of sales, transactions along with success rate views to the merchants. With the addition of the new feature, Paytm is hoping for a double increase in its growth in the PG transactions by the end of 2019.
Earlier there were times when the payment made by Paytm failed with no apparent reason. The AI-based gateway that has been added is intended to make it easier and safe to use the platform so each transaction is completed. The new AI-based payment engine is able to “analyse the data in real time to route transactions dynamically to the best performing aggregator for improved success rates.”
Speaking about the new development, Puneet Jain, Vice President – Paytm Payment Gateway said, “Our partnered merchants spend massively on customer acquisition and retention. The last thing they want is losing a customer due to payment failure. We are excited to introduce an AI-based routing engine that addresses this problem by optimizing the payment workflows and routing the transaction to best-performing payment aggregator in real time. Further, this will help online merchants reduce development effort to enable various PG providers and achieve faster time to market.”
Other than the launch of the AI-powered payment gateway, Paytm has also added smart processing of bank’s OTP along with optimizing the bank pages so adding/sending money is less of a hassle. It now is able to calculate the success rate for every card bin and every bank. That way it is able to route the payment traffic to the “best performing aggregator offering different payment modes in absolute real time.”
As mentioned above, the new payment engine used by Paytm uses Big Data analytics so that it could provide the merchants with a comprehensive analysis of their sales, transactions and success rates.
These reports will be shown to the merchant on a dashboard. With the new changes and the new payment engine added to Paytm, it hopes for double growth in transactions which are processed on the platform by the end of the fiscal year 2019.
It should be noted that Paytm is currently the biggest online payment platform in India with 50% shares. According to Paytm, it processes more than 400 million transactions every month.
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