71% of consumers are concerned about online fraud. Here is how Paytm Payment Gateway’s security features are helping businesses build trust.

Digital payments in India saw a 78% rise in 2021 as compared to 2020. People’s concerns also rose with the rise in digital payments. Covid-19 brought-on a surge in online payments, leaving consumers much more concerned about their safety, with 71% of people sharing concerns about online scams and frauds. This is a sharp increase from 47% at the beginning of the pandemic. 30% of consumers also feared their financial data being leaked online.

However, when people think about online frauds and scams, they often don’t take into account the payment gateway (PG) they’re using. For early start-ups, using a secure payment gateway is of high priority if they wish to retain customer trust, increase sales, and ensure the safety of their internal data.

What is a Payment Gateway

A payment gateway lets consumers enter into other networks and pay online for their purchases through websites. To alleviate data concerns, RBI undertook certain initiatives in 2021, which did not let any website save consumer data. Hence, domestic online merchants and e-commerce firms had to delete the saved card details of their customers from their servers.

Since the online merchants cannot hold any customer payment data, it becomes evident that only a good payment gateway can help secure consumer data and avoid leakages due to data breaches.

PGs help both parties involved. While a merchant needs an easy flow of transactions without any hiccups, a consumer values a carefree payment environment. A payment gateway helps with data privacy (by ensuring no 3rd party can view the data fed by the consumer) and not letting data get hampered.

Paytm Payment Gateway: What sets it apart

Paytm PG’s security features for merchants ensure data safety and a smooth flow of transactions.

Data privacy

Paytm PG APIs are secured with HTTPS protocol and checksum logic. An HTTPS protects the privacy and security of website users by preventing hackers from passively listening to communication between the browser and the server. Additionally, checksum logic ensures that data cannot be tampered with while being transported from one server to the other during a transaction.

Fraud prevention

Following RBI guidelines and PCI DSS security mandate, Paytm PG converts the 16- digit debit/credit card number into a unique identifier —a token. Thus, even if any 3rd party or hacker enters the PG, they won’t be able to decipher the value of this token, thereby safeguarding sensitive data.

Foolproof encryption

Paytm PG is PCI DSS Level 1 certified. This RBI-recognized certificate ensures the security of customer data from possible cyber threats. Paytm has the most advanced 128 bit AES encryption & is SSL certified, which along with the AI-led real-time risk detection and fraud prevention technology means utmost security for the end customers.

Limited redirections

Any customer transacting on Paytm Payment gateway faces minimal redirections to other pages, that too, to secure bank pages only. This keeps the customers within the secure Paytm PG environment. This improves the success rate of a transaction. Paytm PG supports 3,000 TPS (transactions per second) vs Industry-standard of < 1,000 TPS.

Cutting-edge technology

Paytm PG focuses on leveraging new technologies in an innovative way to provide better security and higher payment control to customers. A prominently displayed interoperable QR in desktop checkouts and UPI-Push functionality are two such examples. Using the QR method, customers can initiate the payment by scanning through Paytm or any other UPI app. This puts them in full control of making the payment unlike OTP driven logins that are vulnerable to abuse. Further, unlike UPI collect which is particularly vulnerable to abuse these days owing to its popularity, Paytm is now shifting focus to a new UPI push technology that will allow users to enjoy the ease of UPI payments within the secure Paytm environment . UPI Push is a unique feature that allows Paytm users to pay using any bank account from within the Paytm environment, which has several layers of security.

Transparency

Because of the high volume of transactions, merchants are sometimes unsure of the status of the transaction. The callback URLs, status check URLs and webhook URLs allow merchants to check the final status of the transaction before servicing the customer. A merchant can easily double check the status of the transaction before issuing tickets and changing inventory at their end. An on-the-spot notification about the status of the transaction reduces the risk of loss in case of failed or pending transactions.

Trusted by over 300 million Indians, Paytm PG is the right choice for start-ups who want complete safety of their own and their customers' data. Since it is instantly activated, easy to integrate, and offers 100+ payment sources, opting for the Paytm PG is the ultimate choice if one wishes to build trust with customers and help them steer clear of online scams.

For more information on Paytm PG visit their payment gateway website

Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in