Paytm secures payment processes with Guest Checkout solution for merchants
By Gloria Mathias
Paytm has announced that its wholly owned subsidiary Paytm Payments Services enables merchants with Alternate ID (ALT ID) based Guest Checkout solution across networks.
This allows customers to checkout as a guest without saving sensitive card details on an ecommerce/merchant website for a transaction. The Guest Checkout solution cuts down the long process of signing up for an account on the merchant website by sharing additional information and makes purchases faster.
To enable ALT ID transactions, Paytm has integrated with card networks to generate alternate ID for guest checkout transactions. Guest checkout solution enhances cardholders’ safety in an online transaction and protects from potential data breaches.
This solution eliminates the risk of data breach as until now these card details were being passed to subsequent entities in the transaction flow to authorize and process the transaction.
Paytm Payments Services Spokesperson said, “As the first to go live with Alternate ID solution, we continue to innovate and bring merchants the best of payment solutions. With this, we are empowering cardholders’ security and allowing fast guest checkout for customers, making transactions more efficient. This eliminates core risks like misuse of sensitive card information and aligns with RBI’s guidelines to provide a secure transacting experience to our users. We continue to focus on compliance and safe payments for all.”
Ramakrishnan Gopalan, Head – Products and Services, India and South Asia, Visa said, “Visa’s ALT ID solution, in collaboration with Paytm, revolutionizes payment security by blending guest checkout convenience with robust security measures. This solution is in line with RBI guidelines and aligns with Visa’s objective of enhancing payment ecosystem security, safeguarding sensitive card data, and facilitating a user-friendly and compliant transaction experience. The implementation of ALT ID is a significant stride towards accelerating the growth of secure digital payments in India.”
Paytm Payment gateway is offered by Paytm Payments Services which is a wholly owned subsidiary of Paytm. Paytm PG gives businesses access to the Payments Infrastructure that powers the Paytm app.
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