The new Guest Checkout solution allows customers to checkout as a guest without saving sensitive card details on an e-commerce or merchant website, eliminating the lengthy process of signing up for an account on the merchant website
Paytm rolls out advanced guest checkout solution. (Credit: Patrick Tomasso on Unsplash)
India-based payments solutions provider Paytm Payments Services has introduced an Alternate ID (ALT ID) based Guest Checkout solution for merchants across its networks.
The industry-first Guest Checkout solution allows customers to checkout as a guest without saving sensitive card details on an e-commerce or merchant website for a transaction.
It eliminates the lengthy process of signing up for an account on the merchant website by sharing additional information and makes purchases quicker.
Paytm has partnered with card networks to enable ALT ID transactions, which enhance the cardholders’ safety in online transaction and protects them from potential data breaches.
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.”
Paytm’s guest checkout solution creates an Alternate ID for customers, which allows them to enter the entire card details to process a transaction instead of account details and password.
It eliminates the risk of a potential data breach, as the card details were being passed to subsequent entities in the transaction flow to authorise and process the transaction.
Paytm said that its advanced ALT ID Guest Checkout solution meets RBI’s guidelines and can be easily integrated into merchants’ websites.
According to the RBI mandate, entities involved in card transactions cannot save card credentials, and the card number has to be replaced by an Alternate ID.
Visa India and South Asia products and services head Ramakrishnan Gopalan 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 the 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.
Mastercard South Asia senior vice president Anubhav Gupta said: “Mastercard is glad to collaborate with Paytm for its Alternate ID-based guest checkout solution that will allow consumers to conclude transactions on e-commerce platforms without saving card details.
“Introducing and supporting innovative products and solutions that are compliant, user-friendly, and enhance the safety and security of digital payments is an integral part of Mastercard’s commitment to its partners and cardholders.”