We are excited to announce the launch of Paytm UPI SDK powered by the technology of our associate Paytm Payments Bank and distributed to existing online merchants by Paytm Payments Services Ltd (our fully owned subsidiary). This next-gen feature 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 can pay directly from their bank accounts by entering their UPI PIN without leaving the merchant app.
With Paytm UPI SDK, customers can enjoy 4X faster UPI payments through a 5X reduction in the number of taps and a 100% elimination of any external redirection, where customers have to switch between merchant and payment apps to complete transactions. This leads to fewer clicks, faster transactions, far higher success rates and increased customer retention.
Additionally, online businesses can offer their customers the ability to conveniently check their account balance, create VPA handles, add more UPI linked accounts and set/reset UPI PIN in real-time within their app prior to making a payment. This is 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 service to merchants. This UPI SDK is an add-on feature under the same arrangement, which enables businesses to effortlessly integrate the UPI payment system into their existing mobile apps using a low-code approach and fully customizable UI themes.
In addition to UPI, the SDK will soon support new payment types like UPI LITE and UPI on Rupay Credit Card, providing users with more flexibility without any additional integrations. This pioneering solution for merchants is powered by the technology stack of Paytm Payments Bank.
“We continue to bring the best of innovative payment solutions for our merchant partners and users. With UPI being one of the most accepted payment methods, streamlining the online payments flow was critical for businesses. Now, our pioneering Paytm UPI SDK allows our existing merchants to accept payments directly on their app. Doing away with redirection to a bank website or another payment app, leads to improved transaction success rates and ensures that users enjoy seamless payments.”Nakul Jain, CEO, Paytm Payments Services
Paytm leads India’s digital payments revolution by consistently introducing industry-first innovations and pioneered mobile payments, QR and wallets in India. It also empowers merchants with the flexibility to accept payments from the widest range of payment sources including one-click options such as Paytm Wallet and Paytm Postpaid.