One of India’s leading e-commerce platform Paytm, which also runs its own payment gateway vertical, has announced the launch of an Artificial Intelligence (AI)-based router.
To optimize the success rates of digital payments for their businesses, merchant partnered with other payment gateways can also use this engine.
With this new move, the Paytm Payment Gateway also offers smart processing of bank OTP’s and also optimizes bank pages. The engine’s algorithm automatically calculates the success rate for every card bin and for every bank, routing payment traffic to the best performing aggregator offering different payment modes in real-time.
“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 the 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, ” Puneet Jain, Vice President, Paytm Payment Gateway said.
This AI-based routing engine uses Big Data analytics to provide merchants a comprehensive analysis of their sales, transactions and success rates in an easy-to-refer dashboard.
Paytm is expecting a 2x growth in the transactions that are processed on its platform by the end of FY 2020. However, it hasn’t revealed the pricing of the router.