CHENNAI: In a bid to build a captive audience, Paytm, India’s largest payments platform, has announced its decision not to offer its wallet through merchant aggregators like Justpay, Ezetap and FTcash.
Partner merchants will have to enter into direct agreements with Paytm and complete the entire process of payment solely on the company’s platform if they wish to access its wallet services.
“We want to closely work with our merchants in solving their key challenges. Direct engagement helps us customize our payment offerings in line with their specific business needs. Merchants are taking cognizance of the fact that using our customized solution will boost their business further and are therefore in favour of this move,” said Paytm spokesperson Kiran Vasireddy.
This is already in effect as Paytm has sent termination notices to payment aggregators in the last few weeks. Merchants are backing this decision as this means augmented success rates and better user experience for their customers, according to the company.
Launched in 2014, Paytm does more than 120 million transactions of digital and physical goods every month. Headquartered in Delhi NCR, the company’s investors include Ant Financials (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.
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