Indian fintech company Paytm has enabled OTP-less card payments for transactions less than INR2,000 ($28.31). The feature is available for both offline and online payments.
The new capability is intended to remove the need for a one-time-password, redirections and connection timeout issues.
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Paytm expects the feature to boost the overall payment flow in terms of transaction completion time and success rates.
The company added that a majority of customers spend less than INR2,000 for their everyday payments on its platform. OTP-less payments are intended to enhance the experience for users.
In a statement, Paytm said: “The convenience of OTP-less single click payments will result in increased conversions in a more secure and convenient way.
“To avail the service, our customers can enable their saved card or add a new card for instant payments at offline retail stores or while using any of their Paytm services and also at the partnered platforms such as Uber, Zomato, Jio among many others.”
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By GlobalDataThe company provides mobile payment solutions to more than seven million merchants, as well as customers. It also launched the Paytm Payments Bank to offer banking services.
In May this year, Paytm Payments Bank partnered with Visa to issue debit cards in India, expanding its service from digital debit cards and physical Rupay debit cards.
The company also collaborated with Citibank to introduce co-branded credit cards in the country.
