Paytm Payment gateway sets industry benchmark with secure ALT ID Guest Checkout Solution for cardholder safety

On Monday, both the Sensex and Nifty recorded modest losses, with declines of 0.73% and 0.72%, respectively. This session also saw a notable increase in market volatility, with the India VIX rising by 10.68%, reflecting heightened market uncertainty.

Paytm Payments Services Limited, a subsidiary of One97 Communications Limited and a leading player in India’s digital ecosystem, has unveiled a pioneering Alternate ID (ALT ID) based Guest Checkout solution for merchants. This groundbreaking development marks the first of its kind in the industry, offering customers a hassle-free way to complete transactions without the need to store sensitive card details on an e-commerce or merchant website.

The Guest Checkout solution addresses a common challenge in online shopping— the time-consuming process of creating an account on a merchant’s website. By simplifying the sharing of additional information, this solution streamlines the purchasing experience, enabling quicker transactions. Paytm has partnered with card networks to facilitate ALT ID transactions, generating alternate IDs for guest checkout processes.

One of the most significant advantages of the Guest Checkout solution is its focus on enhancing cardholders’ safety during online transactions and safeguarding them from potential data breaches. With this innovative approach, customers have the option to input their complete card details to finalize a transaction, eliminating the need to provide account details and passwords for occasional purchases. This streamlined process significantly reduces the risk of data breaches, as sensitive card information is no longer transmitted to subsequent entities in the transaction flow for authorization and processing.

In addition to the security benefits, Paytm has made it simple for merchants to integrate this service into their websites. This ensures that customers can enjoy a seamless and secure online shopping experience, aligning with Paytm’s commitment to providing innovative solutions that enhance both convenience and security in the digital payments landscape.

With the introduction of the ALT ID Guest Checkout solution, Paytm continues to be at the forefront of revolutionizing the digital payments and e-commerce sectors, providing customers and merchants with cutting-edge tools and technologies to optimize their online experiences.

Paytm Payments Services Limited 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.”

Furthermore, on October 09, 2023, the shares of One97 Communications Limited plunged 2.47%. The company’s current market capitalisation is Rs 57,410.47 crore.

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