Equated or Easy monthly instalments have changed the lives of consumers across the world. They have also provided the proverbial shot-in-the-arm for NBFC’s, Digital Lenders, MFI’s, and Banks in the country. The time to sell loans and collect payments with interest was at its peak and continues to flourish despite some of the sad stories we read about non-performing assets going up in 2020.
The other industries where monthly timely payment collections are critical are inclusive of Insurance, where premiums are often opted for in the monthly mode. Mutual Fund investments are also included, where systematic investment plans through monthly investments have caught the middle class’s imagination in India.
The Paytm Payment Solution Suite has been engineered specifically for the investment, insurance, loans, and credit-card industries. During the extensive research conducted while creating this product, one common thread found was that irrespective of the industry, consumers want to have the ability to set up automatic monthly payments. For consumers, this takes away the worry of missing essential required payments, and for companies, this ensures payment collection on time, every time.
Features of subscription solutions by Paytm All-In-One Payment Gateway for BFSIs
- eNach mandates and UPI autopay â Nach mandates with banks can take up to three weeks to set up. In the digital age, that is very long indeed. Through eNach mandates or Paytm All-In-One Paymentâs UPI autopay setup; however, it only takes a few hours. This time factor plays a significant role for customers who want to start a unit-linked insurance policy or a SIP in mutual funds.
- Set up and debit success rates â Paytm has the best-in-industry success rates for setting up eNach mandates through NetBanking or UPI autopay. Paytm also has one of the highest successful debit rates in the country, so both end customers and organizations can rest easy while the money gets deducted on time.
- Variety of pay modes â Different industries have different guidelines for how customers can make payments, Paytm has got them all covered. For loan repayments, the monthly payment collections can be set up through NetBanking or UPI Autopay. For credit card bill payments, since debit cards are allowed, this option is available in the subscription solution. For insurance premium payments, subscriptions can be set up via credit cards and wallets as well.
- Security and compliance â Paytm has one of the most robust and secure platforms for payments. Paytm approaches security by looking at its 300 million users’ safety and the protection of the partner companies who sign up with Paytm to collect monthly payments. In fact, we go the extra mile. E.g., for investments, it is not enough to just set up the eNach mandate or UPI autopay. SEBI requires that the account the transaction is happening from is also registered with SEBI. Paytm thus has a tie-up with 31 banks for eNach and all banks for UPI autopay to get online third-party verification completed at the transaction time, so both our partners and end customers are re-compliant.
If you are in the BFSI space and want to enable your organization to collect monthly payments, the Paytm payment solution suite is the perfect choice for you. To know more about the Paytm payment solution suite, visit here.