Paytm introduces new auto debit feature in its latest platform

Digital wallet company, Paytm has launched a billing service for companies that run on a digital subscription revenue model. Owing to this service, the user who is subscribed to certain digital subscriptions will have the option to auto-deduct the monthly/annual subscription fee from their Paytm wallet.

This platform will also enable companies to use Paytm as their sole channel for recurring payments, reported the Economic Times.

This service makes it convenient for users who subscribe to services, utilities and content with its auto debit feature.

After the user makes a one-time payment, he/she can authorise future subscription payments to be automatically deducted from the Paytm wallet without much hassle.   

"Our easy-to-integrate subscription billing service would make payments easier and seamless than ever before while allowing new age entrepreneurs to offer innovative services at an aggressive pricing," said Kiran Vasireddy, senior VP, Paytm.   

"Developers can now have instant access to Paytm's sandbox and can go live with this frictionless payment flow in no time," Kiran added.

Companies such as Saavn, Gaana and Hotter have already adopted this payment option.

The platform also provides plug-ins for ecommerce firms like Magento, Drupal Commerce and WordPress among others.

Paytm has also announced the launch of its new Paytm Mall app on Android where consumers will now be able to shop from 1.4 lakh sellers for millions of products across categories like fashion, electronics, consumer durables and home furnishings among others at their convenience.

Paytm Mall will offer a unique combination of the Mall and Bazaar concepts to Indian consumers. Only trusted sellers passing strict quality guidelines and qualification criteria will be allowed on the 'Mall'.

All products listed on the mall will also go through Paytm certified warehouse and shipping channels ensuring guaranteed consumer trust.

More recently, Chinese internet major Alibaba has also planned to explore opportunities with Paytm through its digital media platform UCWeb.

In their recent visit to India, the company carried out discussions with venture capitalists to co-invest in the area of media content distribution and development of content ecosystem in India.

"Paytm, our partner, is already in infrastructural level of digital payment. It is going to have chemistry with us in the future," said He Xiaopeng, President, Alibaba Mobile Business Group.