You can take your product or services to the global market and allow international payments acceptance on your online or offline store. With Paytm’s International Payment Gateway, you can offer your customers the facility to pay using international credit and debit cards. Not only in global markets, but you can help your domestic consumers pay for a product with international credit and debit cards.
Real-Time Currency Conversion
Most customers are forced to buy from Indian merchants in Indian Rupee(INR) during transactions via an international card. This adversely affects the customer experience resulting in abandoned carts and lost sales for the merchants. To solve this problem we enable customers to pay in foreign currencies using real-time currency conversion. The customer is displayed the foreign currency equivalent to the order amount before the payment completion.
Benefits of using Real-Time Currency Conversion
- Enables an international customer to check the foreign currency equivalent of the order amount e.g. INR 7000 becomes USD 104 on the checkout page of your app/website.
- The customer is charged the exact amount i.e. USD 104 by the card issuer. This includes a currency conversion markup charged by our banking partner.
- There are no hidden charges that can be applied by the issuer bank to the customer for this transaction. In other words, the customer gets total transparency.
Note: The exchange rates communicated to Paytm by our banking partner change after every 4 hours. Hence, rates fetched once may not be valid for future purchase.
Overview of Payment Processing using Real-time Currency Conversion
- User visits your website or mobile application.
- User adds goods/services into the shopping/order cart.
- User adds or chooses an International Card from the payments instruments and clicks the Pay Now button.
- The user is offered the option to pay foreign currency as well as domestic currency i.e. INR on the next screen.
- If the user chooses foreign currency to complete the purchase, a currency conversion markup charged by our banking partner is added to the payable amount. User will be charged the exact payment amount displayed by the card issuer.
- If the user chooses INR, the user will be charged a foreign currency equivalent plus a foreign exchange fee arrived by the card issuer. The two debits are generally shown separately on the account statement of the cardholder.
- In both above-mentioned scenarios, you are settled the order amount in INR sent at the time of payment initiation to Paytm. Thus, there are no API integration changes required to be done to enable this flow.
- User would then be redirected to ACS page to complete the authentication based on the requirement of 2-factor authentication requirement of the card issuer/ bank.
- You receive the Order Webhook corresponding to the payment completed by the order. Here, you will receive additional parameters such as foreign currency name, foreign amount, foreign currency symbol etc for a transaction that was completed in foreign currency by the user.
- You can also fetch the details of the foreign currency transaction using the Transaction Status API.
- User goes back to your app/website payment page. You can show the successful status of the payment checkout page.
International Payment Support for Indian Merchants
Paytm International Payment Gateway enables you to accept payments from your customers using international credit and debit cards. Accept payments in foreign currencies is an additional and optional service over and above international cards. If you are registered business in India with a valid website, you can accept international payments made using international cards issued by domestic banks or foreign banks. Contact us here to understand eligibility.
Post your request Paytm onboarding team will reach out to you to get any additional documents required for risk assessment. Also, you can talk to you KAM or merchant support for any specifics. The final approval for international payments is provided by Paytm's banking partner. The product will be enabled on your checkout flow and Paytm Dashboard post approval.
Note: Certain lines of business such as but not limited to gambling, dating, alcohol etc can not be enabled for international payments acceptance. Contact Us here to get more details on this topic.
The details of the payments completed in the foreign currencies can be accessed through the dashboard. The same details can also be fetched from our transaction reports.
The following fields have been added for international transactions completed in foreign currencies:
|Foreign Currency||The currency's code in which the transaction was made by the end customer.||USD|
|Foreign Currency name||Name of currency||US Dollar|
|ForeignAmount||Amount paid in Fx by the end customer||$104|
|ExchangeRate||Exchange Rate = Foreign Currency/INR||0.0148|
|UserMarkupRate||Markup % charged by the bank||4%|
The payments collected are settled to your Paytm Account as per your settlement schedule. Refer the sample transaction given below.
When the user chooses the foreign option to complete the purchase, there is a markup applied for currency conversion by the bank.
For example, Let's say the order amount was that of INR 7000 and the issuer card's home currency is USD. Exchange rate - INR 70/USD. Bank markup in total - 3%. Users will see 2 options on the checkout page while completing the transactions - 1. INR 7000 and 2. USD 104.
- Scenario 1: User selects USD 104, the charge on the credit card statement will exactly be the same i.e. USD 104
- Scenario 2: User selects INR 7000, the issuing bank will charge a currency conversion fee that will appear on the user's bank account statement from the issuing bank (traditional international transaction)
In both scenarios Paytm would receive Rs. 7000 from the acquirer bank. The same amount (minus MDR) is settled to your account. We don't do any currency conversion at our end to arrive the settlement amount.
Major currencies supported are given in the table below. You can download the list of currencies supported here.
|Currency Code||Currency Name|
|AED||UNITED ARAB EMIRATES DIRHAM|