A day after the E-wallet company Paytm had launched a recurring billing service for digital subscription cloud-based companies, is now in talks with insurance companies to provide insurance cover for user' to protect their money in the phone wallet.
Slowly and steadily it is easing the method to-integrate subscription billing service for making payments a seamless procedure. At the same time it is allowing new-age entrepreneurs to offer innovative services at a aggressive pricing. Developers can now have instant access to Paytm’s sandbox and can go live with this frictionless payment flow in no time.
On one hand, we are talking about recurring billing services which are nothing but auto-debits transactions from the customer’s account by merchants on the purchase of goods and services. However, the merchants have to take permission from the cardholders and will continue the same until the cardholder withdraw permission. Regular transactions like utility bills by customers make them a good candidate for recurring bill.
Observing this trend with other SaaS players and digital startups, it can be said that there has been a gradual and global increase in the number of businesses opting for the recurring payments model. It is no surprise to see this trend coming across Indian businesses, as well. As far is the insurance scheme is concerned, it will be against fraudulent charges.
In November 2015, Razorpay another Fintech company started ‘recurring payments’ to ease online payments for SaaS businesses. On similar lines, if we talk about the insurance cover, it will commensurate with the wallet balance and will be free to begin with. As of now the walllet platform of Paytm has over 200 million users and is looking to enroll close to 1 crore merchants by the end of 2017.