Given the rapid growth in digital payments in India and the increasing emphasis on a cashless economy, companies in the Banking, Financial Services, and Insurance (BFSI) sector look forward to new business opportunities. These businesses provide an array of financial products/services to customers and play an important role in developing the nation.
But online transactions present several challenges when it comes to ensuring the safety of customer data and payments. Always, there has been a serious need for crucial security measures to keep online payments safe. Thatâs where the Account Verification or Third Party Verification (TPV) fits in. Itâs a unique payment feature that a payment gateway company offers for the BFSI industry allowing secure and seamless business transactions.
Want to know more about TPV payment features? Need a solution to accept payments only from pre-registered bank accounts? Or looking for the best way to automate customer account verification for seamless recurring payments? This blog is for you. Read on!
What is account verification/third party verification (TPV)?
To be precise, account verification is a process of verifying customer information by a third-party organization. Here payments can be made by using a verified bank account only. As per compliance with the Securities and Exchange Board of India (SEBI), payments to businesses in the BFSI sector should be made only from the pre-registered bank accounts of the customers.
Account Verification has a major role in securing online business transactions. Keeping in mind this need of merchants that deal in stockbroking and mutual funds, as well as for AMCs, Paytm has just the right solution to offer i.e., Paytm TPV. Itâs an important feature of the Paytm Payment Gateway that ensures a reliable account verification process for the savvy businesses of the industry. Now merchants can offer a modern investment platform to their customers to transact securely in real-time.
Payment modes supported
By enabling the Paytm TPV feature, merchants in the BFSI sector can transact online securely and efficiently. They can leverage this Paytm account verification function for all leading banks while allowing customers to pay via Net Banking and UPI.
Currently, Paytm supports the following payment methods for real-time account verification:
- Net banking: Ideal for one time payments, where it supports 30 leading banks.
- UPI: This payment method is supported for all UPI flows (Push, Intent, and Collect).
- E-mandates: To collect recurring payments like a systematic investment plan (SIP).
How does Paytmâs account verification secure your online payments?
Paytmâs Account Verification solution has been designed to empower your online payment collection process. In this, a merchant shares the registered bank account number of a customer with Paytm while making the payment request. Accordingly, the Paytm payment gateway will process the payment only from the registered bank account of the customer. If the customer chooses a different bank account that is not registered with the merchant, the transaction will fail and give the appropriate reason for the same.
Using this powerful feature of the Paytm payment gateway, BFSI businesses can give customers a convenient way to pay using their pre-registered bank accounts. Most importantly, the Paytm TPV payment feature enables risk-free transactions while complying with the SEBI regulatory guidelines.
As Indiaâs largest payment solutions provider, Paytm supports various checkout flows that work well for investment companies. It enables customers to pay conveniently using their registered bank accounts. Plus, merchants can enjoy 100% coverage for UPI transactions and 99% for Netbanking with the top 30 banks available.
Now you understand how Paytm Third Party Verification (TPV) is useful in securing your online payments. Be it a stockbroking business or mutual fund provider, TPV is a must for all merchants, especially in the Banking, Financial Services, and Insurance sector. With Paytm account verification, they can ensure secure and seamless transactions for their online businesses while complying with SEBI guidelines.
Instant verification, the ultimate payment experience, and complete security make Paytm TPV great for mutual fund and stock trade platforms like Paytm Money, Tata AMC, 5 Paisa, Gulaq, and more. These businesses are doing an amazing job in the evolving digital payment landscape and creating more business prospects for themselves using this technologically advanced feature from Paytm.
So wait no more! Update your online payment collection process with Paytm TPV today and collect business payments in real-time without any discrepancies.