India’s leading fintech firm Paytm has launched its AI-powered router to help route payment transactional traffic between multiple payment providers with a routing engine. Alibaba-backed Paytm’s routing engine comes bundled with Paytm Assist and provides a faster checkout experience to users. The intelligent router enables higher payment success rates and allows developer-friendly integration, thereby providing a quicker time to market and a seamless checkout experience.
According to a company statement, the AI engine will analyse data in real-time and will route the transactions to the best performing aggregator to enable faster checkout for merchants. Also, the engine’s algorithm will take advantage of Bin based routing and will calculate the success rate for the card bin. The AI-based router and Big Data analytics, can provide 2X growth in transactions that are processed on its platform by the end of FY ‘20.
According to Puneet Jain, Vice President – Paytm Payment Gateway, partnered merchants spend huge amount on customer acquisition and retention. Losing a customer due to failed payment can cost a lot. “We are excited to introduce an AI-based routing engine that addresses this problem by optimizing the payment workflows and routing the transaction to best-performing payment aggregator in real time. Further, this will help online merchants reduce development effort to enable various PG providers and achieve faster time to market,” he said.
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Richa Bhatia is a seasoned journalist with six-years experience in reportage and news coverage and has had stints at Times of India and The Indian Express. She is an avid reader, mum to a feisty two-year-old and loves writing about the next-gen technology that is shaping our world.