India’s love affair with UPI payments is reaching new heights, with an astonishing 9.4 billion transactions recorded in May 2023 alone. It has become the preferred way for customers to pay, solidifying UPI’s position as the go-to payment method in both urban centers and rural areas of India. To further establish UPI as the true de facto standard, it is crucial to create a fail-proof and seamless payment experience for customers across the nation.
As the pioneer of digital payments in India, Paytm recognizes the need to lead this revolution and has invested substantial efforts in developing payment products that never fail.
The national UPI switch boasts an impressive 99.9977% success rate. However, the industry experienced downtimes in February 2023 due to heavy loads and increased user adoption, leading to a 6.83% decline in UPI payments volume.
It was at this time that Paytm took the initiative by launching UPI Lite in partnership with NPCI, an innovation that empowered customers to make UPI payments that could not fail. UPI Lite garnered 7 million users in 3 months and transformed the way small ticket payments are made in India.
Now, we find ourselves at another pivotal moment, one that directly impacts our online merchants and customers. There is a crucial need to build a new, powerful solution that enables safe, fast, and highly successful payments on mobile apps.
We are proud to lead the way once again with the new Paytm UPI Plugin SDK.
With Paytm UPI Plugin SDK, we have the opportunity to shape the future of online payments, where technical failures become a thing of the past. Our SDK offers a direct and seamless payment experience, eliminating unnecessary hops and streamlining the entire process. Moreover, it comes equipped with a range of smart features that significantly enhance the success rates of customer payments, far surpassing the performance of traditional solutions.
Think of our MeitY award winning Paytm Payments Bank UPI switch as an all-powerful engine, driving the UPI payment system with utmost reliability. Now, with the new UPI SDK as the much-needed accelerator, we’ve created a rocket-ride UPI payment experience that will never crash, propelling online businesses to new heights of success.
Read on to know more about how Paytm UPI SDK revolutionizes UPI payments for mobile apps.
The Current UPI Payment Journey, Why Does it Fail so Often?
Let’s look at the following image that depicts your customer’s journey when they choose to make a payment on your app with the help of UPI.
The checkout itself requires 5 steps that include navigating to another app, initiating the payment and then returning back to your page for a confirmation.
As a result, the total payment processing time is close to 20 seconds which is way more when compared to other payment options like a wallet led transaction.
The success rate of UPI Intent (journey shown above), for the industry as a whole, is also relatively low at 80-85%. Here’s why:
- The current UPI flow mandates that your consumer have a pre-installed UPI app on their phone in order to successfully complete a transaction.
- A payment made through UPI today on any mobile app is certainly fast, but not fast enough, there are still multiple hops in the payment flow that causes drop-offs.
- Multiple server-to-server calls are required in this payment flow. This leads to a significant increase in payload during peak transaction periods. You could think of this as a traffic jam on what is supposed to be an expressway.
- With the exception of Paytm, UPI payment flows are built on the rails of legacy infrastructure that is not as adept at handling peak load times.
Introducing Paytm UPI SDK – A Fail-proof Gamechanger for UPI Payments
Paytm launches a fail-proof UPI Plugin SDK, an industry-leading innovation that will enable your customers to make UPI payments without ever leaving your app.
With UPI Plugin SDK, consumers will now enjoy fail-proof and lightning-fast UPI payments through a 5X reduction in the number of taps compared to the erstwhile technology, UPI intent and a 100% elimination of any external redirection, resulting in fewer taps, India’s fastest transaction speeds, far higher success rates and increased customer retention.
Here’s a look at the new checkout flow that is powered by Paytm UPI SDK
- Ensures payment success rates higher than 90%
- Enables a single tap checkout for your customers
- Reduces the total payment processing time to as low as 3 – 5 seconds
Reasons Why You Should Choose the Fail-proof Paytm UPI SDK for Your Mobile App
1. Fail-proof Single-Tap Payment Flow
With fewer steps and reduced payment processing time compared to before, customers are less likely to drop off or abandon their carts midway through the payment flow. They also need not worry about navigating through multiple apps since the payment flow is 100% in-app and removes the need for a pre-installed UPI app making the journey seamless. The result is a massive boost in success rates to a whopping 90%+.
2. Powered by Paytm Payments bank technology
Paytm is the only platform to have both a payment gateway & a PSP bank under the same banner with proximity to the Paytm Payments Bank UPI engine. Paytm bank is way superior to legacy banks in terms of processing UPI payments. It is awarded by MeitY for possessing an industry-superior tech stack with the lowest average technical decline rates. This allows for improved payment success rates and payment gateway uptime. This also means that with Paytm, your business gets the latest UPI innovations, launched by entities like NPCI before anyone else.
3. Lower chances of failure with more payment options
Paytm UPI SDK supports UPI payments from linked bank accounts and Rupay credit card accounts. It will also soon support payments with UPI Lite to completely eliminate failures on small ticket UPI payments.
4. Seamless account linking for millions of users
This is sure to appeal to millions of your customers who are also registered with Paytm! The account linking process for enjoying one tap UPI payments includes a secure, mandatory device binding process. Once the user verifies the mobile number they are using on the device and on your app, our SDK automatically imports the UPI linked accounts (if they are registered with Paytm) This drastically reduces failures and drop-offs associated with the account linking process that may exist with other SDKs.
The process is simple for all users but it is especially snappy if your customer is one of the hundreds of millions of Paytm users in India.
Account Linking Process for Paytm Users – The Best in the Industry
5. Fine-tuned to be fail-proof
Paytm UPI SDK not only helps reduce technical declines that contribute 3-5% of all payment failures but also business declines. Here are a few of the most common customer-related causes for payment failures.
- Insufficient bank account balance: Caused when customers try to make a UPI payment without enough balance in their bank account. This accounts for 1% of all UPI payment failures.
- UPI PIN related issues: Some customers also misplace or forget their UPI PIN, accounting for 0.3% of UPI payment failures.
Paytm UPI SDK allows your customers to conveniently check their account balance within your app before completing the payment. Our SDK also provides a real-time status on bank health across the customer’s bank accounts so that they can choose one that seems to be working well. All these contribute to ensuring customers get a fail-free payment experience.This is made possible by the superior data processing capability of Paytm, no other player is better equipped to handle data at such a scale. Customers can also conveniently set/reset their UPI PIN within your app in case they forget their PIN.
6. Superfast payments
Paytm UPI Plugin SDK ensures that checkout takes less than 5 seconds. The payment experience is so fast, your customers are sure to notice and keep coming back to your app.
7. Privacy, built into every aspect of Paytm UPI SDK
One of the strengths of our product architecture is that we provide a superfast and completely in-app UPI payments experience without the need for consumers to pass any sensitive data to the merchants. You can therefore ensure seamless in-line checkout without having to bother about managing customer data.
8. Plug and play, fully customizable integration
Paytm UPI SDK offers easy, low-code integration with fully customizable UI themes and priority customer support. Being fully customizable helps boost payment success rates by leveraging your brand, which you have spent millions building! Apply your brand colors, logos and themes to every aspect of the checkout screen. Customers are more likely to complete a payment in an environment they trust. We believe a payment environment customers trust leads to lower drop-offs and high success rates.
Not Just Turbo & Hyper, Fail-proof & Intuitive
Imagine the fastest car in the world. If the braking system, handling and safety features are not tuned to the most precise levels, the car will inevitably crash and all that speed will amount to nothing. If you are still wondering which UPI SDK to choose for your mobile app, the below comparison table might help.
Thanks for reading! Paytm UPI SDK is currently available only to existing Paytm merchants.
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