Paytm launches recurring payments option

Paytm has launched recurring payments option on Paytm Payments Gateway in partnership with Paytm Payments Bank.

The new feature will help Paytm’s users to automatically pay for recurring payments for their subscription-based spends on platforms such as Hotstar, JioSaavn, Gaana and Zee5, utility recharges, and bill payments.

As many internet users have concerns sharing their debit or credit card details for recurring payments, the new feature will build a sense of trust among them and will help to boost the membership of subscription-based platforms.

The new service, which is compliant to the guidelines laid out by the Reserve Bank of India, will also help the users to pay their monthly recurring payments for mutual funds and loan repayments.

For using this feature, users will have to give one-time approval at the time of joining the subscription to the merchants of their choice whom they want to pay at regular intervals. Information such as merchant name, subscription start date, frequency of debit, and the amount to be paid will be saved by Paytm for operating recurring payments.