Here’s How Paytm Uses Data Science

Paytm is a digital payments and financial services company. Just like other fintech companies, data is the ABC for Paytm. So, if you want to know how Paytm uses Data Science, this article is for you. In this article, I will take you through how Paytm uses Data Science for its business as a financial services company.

Here’s How Paytm Uses Data Science

Here are some ways Paytm uses Data Science for its business as a financial services company.

Payment Source Analytics

Paytm is free for a user, but Paytm offers many paid services for merchants who use the payment services of Paytm to make data-driven decisions.

Paytm offers an analytics feature known as Payment Source Analytics that helps businesses understand and make data-driven decisions based on:

1. The percentage of sales from each payment method on your platform
2. The reasons for payment failures on your platform
3. The success rate of payments on your platform
4. Comparing the payment success rate of your platform with the industry benchmark

This feature helps businesses analyze the flow of payments and purchases on their platform.

Customer Analytics

Every business that uses Paytm as a payment service provider on their platform gets to see customer insights from a feature offered by Paytm known as Customer Analytics.

Paytm’s Customer Analytics Service helps businesses in:

1. Analyzing new, repeat, and lost customers
2. Getting an overview of customer engagement that helps in building marketing strategies
3. Building personalized marketing strategies by analyzing customers through Paytm’s RFM Analysis reports
4. Running marketing campaigns on identified most potential customer segments to get a high conversation rate from marketing campaigns.

This feature helps businesses in making marketing decisions and analyze customer churn.

Fraud Risk Management System

Paytm’s fraud risk management system helps Paytm in securing payments by using Machine Learning algorithms to detect payment frauds.

Whenever a user uses Paytm to make online payments, Paytm’s risk management system stores the user’s payment data in the cloud. It helps analyze spending habits and payment pattern recognition of Paytm users to minimize the risk of fraudulent transactions.

Summary

So here are some ways how Paytm uses Data Science for its business as a financial services company:

1. Paytm offers an analytics feature known as Payment Source Analytics that helps businesses understand and make data-driven decisions based on the flow of payments on their platforms.
2. Every business that uses Paytm as a payment service provider on their platform gets to see customer insights from a feature offered by Paytm known as Customer Analytics which helps analyze customer churn and build marketing strategies.
3. Paytm’s fraud risk management system helps Paytm in securing payments by using Machine Learning algorithms to detect payment frauds.

I hope you like this article on how Paytm uses Data Science for its business. Feel free to ask valuable questions in the comments section below.