Paytm Payment Gateway Leads Industry with ALT ID-Based Guest Checkout Solution

In a groundbreaking move, Paytm Payment Gateway, under its subsidiary Paytm Payments Services Limited, takes the lead in the industry by introducing the ALT ID-based Guest Checkout solution.

This strategic offering transforms the online transaction experience, prioritizing cardholder safety and adhering to RBI guidelines.

Paytm's ALT ID Guest Checkout Revolution

Paytm Payments Services Limited, a wholly-owned subsidiary of One97 Communications Limited, owner of the Paytm brand, announces the industry's first ALT ID-based Guest Checkout solution.

This innovative approach allows customers to complete transactions without saving sensitive card details on e-commerce/merchant websites, enhancing security and expediting the checkout process.

Streamlining the Guest Checkout Experience

The Guest Checkout solution is designed to streamline the often cumbersome process of signing up for an account on merchant websites. By utilizing ALT ID transactions, Paytm eliminates the need for users to share account details and passwords for occasional purchases, making the checkout experience faster and more user-friendly.

Integration and Safety Measures

To facilitate ALT ID transactions, Paytm has seamlessly integrated with card networks, generating alternate IDs for guest checkout transactions. This integration not only ensures a smooth experience for users but also enhances cardholders' safety, protecting them from potential data breaches.

Paytm emphasizes that until now, sensitive card details were vulnerable to data breaches as they passed through subsequent entities in the transaction flow.

Compliance with RBI Guidelines

The introduction of the Guest Checkout solution aligns with the Reserve Bank of India's (RBI) guidelines. As mandated by the regulator, entities involved in card transaction processing must refrain from saving sensitive card credentials for guest checkout transactions.

Instead, the card number is replaced by an Alternate ID associated with card information. Paytm ensures compliance with these guidelines, meeting the RBI's deadline of October 31, 2023.

Collaboration and Industry Support

Ramakrishnan Gopalan, Head – Products and Services, India and South Asia, Visa, applauds the solution as a significant stride towards accelerating secure digital payments.

Anubhav Gupta, Senior Vice President, South Asia, Mastercard, expresses Mastercard's collaboration with Paytm for this innovative solution, enabling consumers to conclude transactions without saving card details.

Empowering Secure Transacting Experiences

A spokesperson from Paytm Payments Services Limited highlights the company's commitment to innovation, emphasizing the importance of empowering cardholders' security and providing a secure transacting experience for users.

The Guest Checkout solution aligns with RBI guidelines, reinforcing Paytm's focus on compliance and safe payments.