Commerce Cloud is a new cloud-based platform designed for merchants and financial institutions that aims to help them improve their online operations and reach their customers.
Commerce Cloud’s first beta launch was hosted on June 21, and the platform is currently available to businesses and financials through Paytm and Paytm Pay, and through the mobile wallet Paytm Go.
The platform’s first major focus is to simplify financial transaction, and in order to do so, the platform offers a new API, which allows for the establishment of a bank account.
These accounts are open to merchants and customers alike.
Commerce cloud also aims to offer financial services through a unified portal, which means that financial services can be seamlessly integrated into the commerce platform, and can be delivered to any bank account, without the need for third-party service providers.
The company claims that the Commerce Cloud platform is also a significant advancement in the area of mobile payments.
The platform is built on a new, open API, that will enable financial services to be delivered directly to customers, while also allowing merchants to have a simple and transparent interface to their financial data.
The business is aiming to offer the first payment gateway in the country for consumers to get payments from merchants via mobile wallets, in addition to the banking APIs for financial services.
The portal also aims at simplifying the way merchants receive payments, and for merchants to connect their customers with payment service providers, thereby making payments quicker and easier for their customers, said Ravi Shankar, president of Commerce Cloud.
The new platform is the first in a new series of payments solutions to be launched by Commerce Cloud, which is currently being led by Aditya Gopalan, CEO and cofounder of Paytm, and Satish Kumar, CEO of Paypal.
The company is also partnering with Paytm for a third payment gateway that will be available for merchants, which will provide payments to consumers in a similar manner to the first two payment gateway, Gopala said.