Business deals are made on a daily basis and it is essential that the payment mode indeed is streamlined to facilitate the customers. Transactions are innumerable and daily companies do handle a lot of business deals. The professional approach is taken in paying up and for this, it is important to have a company that can process payments professionally.
Indian payments company Paytm also does run its own payment gateway vertical and has announced the launching of its AI-based router engine, which will indeed help merchants to achieve higher payment success rates.
The company said that the AI-based SaaS engine does sit on top of multiple payment aggregators and also analyses data in real-time to route transactions dynamically to the best performing aggregator for improved success rates.
Merchants did partner with other payment gateways that can also make use of this engine to optimize the success rates of digital payments for their businesses.
With this new launch, the Paytm Payment Gateway also does offer smart processing of bank OTP’s and also does optimize bank pages. The engine’s algorithm automatically does calculate the success rate for every card bin and for every bank, routing payment traffic to the best performing aggregator, thus offering different payment modes in real-time.
Along with this, the AI-based routing engine does also make use of big data analytics to provide merchants with a comprehensive analysis of their sales, transactions, and success rates in an easy-to-refer dashboard. Naturally, the merchants would expect their transactions to be processed well.
Paytm is indeed expecting a 2x growth in its transactions that are processed on its platform by the end of FY 2020. However, it has not rather revealed the pricing of the router. One has to wait and see no doubt.
The partnered merchants do indeed spend massively on customer acquisition as well as retention. The last thing that they do not want is losing a customer due to payment failure. Much excitement is indeed felt in introducing an AI-based routing engine that does address that this problem does optimize the payment workflows and also routing the transaction to best-performing payment aggregator in real time.
Furthermore, this will rather help online merchants to be able to reduce development efforts to enable various PG providers as well as achieve faster time to market.
Paytm Payment Gateway has no doubt recently stated that it processes over 400 million transactions every month. Its online clients include IRCTC, Zomato, OYO, Swiggy, UrbanClap, PVR, Club Factory, Dominos, Jio, and Idea, among others.
Paytm has indeed an important role to play in merchant business affairs and has made efforts to ensure that they can make payments without any sort of hindrances. Professionalism cannot be compromised and Paytm has indeed proved so and the need of the hour in business transactions is for proper financial transactions. Money exchanges do play an important role in business affairs.
