Paytm, India’s premier digital payment platform, based out of Noida, has launched its AI-based router engine which will help merchants to achieve higher payment success rates.
“Our partnered merchants spend massively on customer acquisition and retention. The last thing they want is losing a customer due to payment failure. We are excited to introduce an AI-based routing engine that addresses this problem by optimising the payment workflows and routing the transaction to best-performing payment aggregator in real time. Further, this will help online merchants reduce development effort to enable various PG providers and achieve faster time to market,” Puneet Jain, vice president at Paytm Payment Gateway said.
Based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India.
The AI-based SaaS engine sits on top of multiple payment aggregators and analyses data in real-time to route transactions dynamically to the best performing aggregator for improved success rates, Jain further added.
Also, with the launch, the Paytm Payment Gateway offers smart processing of bank OTP’s and optimises bank pages.
The engine’s algorithm automatically calculates the success rate for every card bin and for every bank, routing payment traffic to the best performing aggregator offering different payment modes in real-time.
Moreover, the AI-based routing engine also uses big data analytics to provide merchants with a comprehensive analysis of their sales, transactions, and success rates in an easy-to-refer dashboard.
Albeit, the pricing of the router has not been revealed, the company is expecting a 2x growth in the transactions that are processed on its platform by the end of FY 2020.
While, earlier, Paytm Payment Gateway had said that it processed over 400 million transactions every month.