Paytm Payment Services, a subsidiary of Digital payments and financial services company One97 Communications Limited has announced its data analytics service Payment analytics for offline and online merchants. The service will help the merchants understand customer behavior and their payment preferences by providing data-driven payment insights. The service will be available to all Paytm merchants without any charges.
The payment analytics will be able to gather insights related to the payment source, payment flows, customer behavior, user recognition, the success rate of payments, and causes for payment failures. The customer preference and transaction pattern in website and application can be analyzed efficiently using the new solution. The merchants can implement a targeted marketing strategy using the insights provided through the payment analytics service.
“The launch of Payment Analytics is yet another industry-first move, that is aligned with our vision of helping merchant partners and entrepreneurs simplify their businesses, and understand their target audience to offer them the best of services. This will help business owners to also devise improved marketing strategies to scale up faster,” stated Praveen Sharma, CEO, of Paytm Payments Services Limited.
Payment source analytics, Customer analytics, and Payment flow analytics are the three major services provided by Paytm’s Payment Analytics. The payments source analytics identifies the sources of payment and suggests measures to reduce payment failures. The payment behavior of customers and customer insights can be obtained using customer analytics. The cross-platform and cross-device performance and success rate can be analyzed using payment flow analytics.
Paytm’s offline merchant partners can use these services to assess their Gross Merchandise Value (GMV) and even the total number of transactions on a daily or monthly basis. Payment Analytics can be used by retail chain enterprises to gather GMV data from each physical location.