(This article was first published on the Paytm for Business blog.)
Year-ends are time for reflection. To look back in the rearview mirror and relive the golden moments while you plan ahead for the year to come.
For Paytm Payment Gateway, 2021 was a year like no other. From onboarding India’s leading unicorns to empowering small businesses across the country; from releasing industry-first products to receiving awards and accolades, 2021 saw Paytm Payment Gateway becoming the first choice for businesses to accept online payments.
As the year draws to an end, we’ve taken stock of a few of the major milestones that Paytm Payment Gateway has achieved in this journey.
First (and only) payment gateway to offer FD as a payment source
In August 2021, Paytm Payment Gateway launched a first-of-its-kind product: FD as a payment source. This offering allows online businesses to accept digital payments via fixed deposits. Consumers can use their Paytm Payments Bank FDs to pay for their online shopping. This product opens up an entirely new payment source for businesses, while allowing their customers to break an FD at the checkout page.
Read more about how FD as a payment source benefits consumers and businesses.
Asset Triple A award for Best Payments & Collections Solution
Paytm Payment Gateway won this award for its OPGSP (Online Payment Gateway Service Provider) Import solution. The jury awarded this uniquely-structured cash management and FX solution under the ‘New Economy’ category. This product was developed with Barclays to enable cross-border payments in the Indian currency for marketplaces across the globe.
Read more about the award here.
Enabling CRY to raise donations worth over Rs 2 crore
When the pandemic was at its peak during the second wave in India, Paytm Payment Gateway empowered CRY to collect online donations amounting to more than Rs 2 crore for COVID relief. We also waived off transaction fees for all NGOs in India during this period to help them provide further aid and relief to those affected by the pandemic.
Launch of the Paytm Startup Toolkit
Payments collection is just one of the challenges that Paytm Payment Gateway helps early-stage startups solve. Startups also need solutions for payouts, banking and distribution. The Paytm Startup Toolkit was launched as one answer to all of these problems. It helps startups accept and disburse payments, experience fully-digital banking and take their brand to 330 million+ Paytm users. We also partnered with the Ministry of Electronics and IT and AWS to bring the Startup Toolkit to a higher number of startups.
Find out how the Paytm Startup Toolkit can benefit your startup.
Enabling businesses to offer BNPL through Paytm PostPaid
Along with Paytm Wallet and FDs, Paytm Payment Gateway is the only payment gateway that allows businesses to accept payments through Paytm PostPaid. This is another payment instrument that was launched to enhance financial inclusion in India. Paytm PostPaid is our answer to low credit card penetration that allows consumers to buy now and pay later. Paytm PostPaid enables one-click credit facility for consumers and increased sales for businesses.
Read about the benefits of Paytm PostPaid for your business.
Faster refunds with Paytm Refund Advance Account
Online businesses typically take 5 to 30 days to process refunds and settle chargebacks, which is a long waiting time for their consumers. Paytm Payment Gateway launched an offering called Paytm Refund Advance Account earlier this year to allow businesses to process refunds and settle chargebacks in real-time.
Read more about how Paytm Refund Advance Account works.
Native checkout with Paytm JS Elements
JS Elements is an advanced version of JS Checkout that allows businesses to use pre-built code and offer their customers an entirely native payments experience. With JS Elements, businesses using Paytm Payment Gateway don’t need to integrate multiple APIs to enhance the payments experience for their customers.
Find out more about using Paytm JS Elements here.
Helping businesses comply with RBI’s tokenisation guidelines
The deadline for onlines businesses to abide by the new RBI guidelines on card-on-file tokenisation (CoFT) was earlier 31st December 2021. This deadline has now been extended by 6 months, but Paytm Payment Gateway was one of the first payment gateways to be ready with a solution for businesses to be compliant – Paytm Token Gateway. This product is already being used by online merchants to tokenise their customers’ card details and enable faster checkouts.
Find out how your business can get compliant with Paytm Token Gateway.
Payments solutions for online education businesses
The pandemic has taken learning online. While numerous institutes have built solutions to impart education through the internet, they have faced challenges in collecting payments. Paytm Payment Gateway launched a suite of products that can help institutes meet these challenges. From collecting fees without a website or app to accepting recurring payments, Paytm Payment Gateway has a solution for every payment problem.
Read more about how Paytm Payment Gateway empowers online education.
The road ahead
That was largely a gist of a lookback at 2021 for Paytm Payment Gateway. We have many more exciting products and features that can help businesses flourish and grow coming your way in 2022. Stay tuned!
As cliched as it may sound, our journey has just started.