Paytm has introduced an artificial intelligence (AI)-based router engine to help merchants streamline their payment success rates.
The SaaS engine leverages big data analytics to offer merchants a comprehensive analysis of their sales, transactions and success rates.
It analyses data in real time to route transactions to the best performing aggregator. Furthermore, this will achieve higher payment success rates.
The engine’s algorithm automatically calculates the success rate for every card bin and for every bank.
The company said that with the introduction of the AI-based router engine, the Paytm Payment Gateway optimises bank pages and also offers smart processing of banks one-time passwords.
Paytm Payment Gateway vice president Puneet Jain said: “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 optimizing 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.”
Paytm Payment Gateway is claimed to dominate online payments with 50% share. It processes more than 400 million transactions every month for its merchant partners.
Paytm is expecting a two-fold growth in the transactions processed on its platform by the end of 2020.
In April 2019, Paytm launched its recurring payment offering for online merchants. The offering helps automate collections for online merchants for the subscription services that they deliver to their users and supports a range of payment methods.