Paytm Launches New Feature UPI SDK To Enable Customers Make '4X Faster UPI Payments'; Details Here
In addition to UPI, the SDK will soon support new payment types like UPI LITE and UPI on Rupay Credit Card.
One97 Communications Ltd, owner of the payments app Paytm announced the launch of Paytm UPI SDK.
This new 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, Paytm said in a statement.
Paytm UPI SDK powered by the technology of Paytm Payments Bank and distributed to existing online merchants by Paytm Payments Services Ltd.
"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," the company.
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, Paytm said.
“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 of Paytm Payments Services said.
This latest feature is one of the many recent ones introduced by Paytm. Last week, the company launched a ‘next-generation’ UPI card with Rupay network. Before that, Paytm Payments Bank announced a slew of new launches for Paytm UPI.
In a blog post, Paytm said that the bank has become the first to go live with UPI Lite on iOS. Paytm Payments Bank also announced its latest features like RuPay Credit Card on UPI, Split Bill, pin favourite contact and chat with friends, set an alternate UPI ID with Paytm app to hide mobile number, and more.