What happens when Swiss craftsmanship meets Indian brilliance? MMTC-PAMP happens—a trailblazer transforming India’s precious metals industry. As the only LBMA-accredited gold and silver refinery in India, MMTC-PAMP blends world-class refining expertise with innovative offerings like digital gold investments. With a rapidly growing customer base and a mission to set industry benchmarks, the company needed a robust partner to simplify payments across diverse operations.
That’s when Razorpay came into play, delivering tailored solutions that empower MMTC-PAMP to streamline payments for everything—from D2C e-commerce purchases to real-time partner settlements and quick retail payouts.
“Razorpay has transformed our payment processes, enabling smooth e-commerce transactions for sale of gold bars and coins on our D2C platform and instant settlements for our digital gold offerings. With their UPI & Cards SR Boosters, we’ve achieved a 7% + 5% improvement respectively, in success rates. Also, their API integrations also power transactions through our partners, ensuring payments are directly settled with us. Their secure platform and trusted badge have enhanced customer confidence, setting a new benchmark for efficiency and trust in our operations.”
— Harshit Gupta, General Manager, MMTC-PAMP
The Challenge: Refining the Digital Experience
MMTC-PAMP faced unique challenges while managing its operations across diverse payment scenarios:
1. D2C E-Commerce Excellence
MMTC-PAMP’s D2C website experienced the highest transaction volumes, catering to customers investing in digital gold and purchasing physical products like 24K 999.9 purity gold coins and bars. The need for a reliable payment gateway to handle high transaction volumes without any glitches was critical to ensure a seamless customer experience.
2. API-Driven Difficulties
MMTC-PAMP’s digital gold products are offered through various platform apps. Payments from these platforms had to be routed directly to MMTC-PAMP, bypassing intermediaries to ensure real-time settlements for uninterrupted service and operational efficiency.
3. Efficient Retail Buy-Back Operations
The company’s “Buy Back” program allows customers to sell their old gold at MMTC-PAMP’s 22 retail outlets. This required a streamlined payout system that could reconcile transactions quickly and enhance the customer experience with faster, transparent payouts.
Gold Standard Solutions: Razorpay’s Impact on MMTC-PAMP
To address these challenges, Razorpay delivered a powerful payment stack tailored to MMTC-PAMP’s needs. Each solution was designed to enhance efficiency, reduce downtime, and elevate the overall payment experience:
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Frictionless D2C Transactions
Razorpay’s payment gateway is seamlessly integrated with MMTC-PAMP’s online platforms, ensuring reliable transactions for both digital gold and physical merchandise. Customers experienced quick, secure, and hassle-free purchases, which helped MMTC-PAMP maintain their reputation for excellence.
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Real-Time Settlements for Partner Platforms
With Razorpay’s API-driven payment solutions, MMTC-PAMP achieved real-time payment routing from partner platforms. This eliminated delays caused by intermediaries, ensuring smooth operations and uninterrupted services for end customers. The direct settlements provided MMTC-PAMP with faster fund availability, critical for scaling operations.
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Razorpay UPI Stack
Razorpay implemented SR boosting features for UPI transactions, which led to notable improvements in payment success rates. These features ensured customers faced minimal disruptions during checkout:
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- Dynamic Routing: Razorpay’s Dynamic Routing uses machine learning to route UPI payments to the gateways with the highest SR at all times. This resulted in a 2% SR uptick.
- UPI Intent on mWeb: UPI Intent on mWeb makes it incredibly easy for customers to pay using their favourite UPI apps directly from a website or app. This feature delivered a 4.96% SR boost, creating a smoother payment journey and optimizing transactions for mobile users.
- Razorpay UPI Switch: Built on a superior tech stack, Razorpay’s UPI Switch improved UPI payment success rates by 2% while delivering uptime, transaction speed and scale.
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Razorpay Cards Stack
To support its high-value transactions and customer retention goals, MMTC-PAMP sought a premium payment solution. Razorpay Cards Stack delivered with features like TokenHQ, Native OTP, and Dynamic Routing, driving seamless operations and consistent success rate (SR) improvements, playing a vital role in enhancing the overall customer experience.
- TokenHQ: Transitioned MMTC-PAMP to secure, tokenized payments, ensuring compliance and boosting customer confidence.
- Native OTP: Simplified payments with instant OTP validation, improving conversions and reducing cart abandonment.
- Dynamic Routing: Optimized transactions by routing to the best-performing gateways, reducing failures and enhancing success rates.
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Streamlined Payouts for Retail Buy-Backs
RazorpayX simplified payouts for MMTC-PAMP’s retail “Buy Back” program. With features like bulk payouts and automated reconciliation, MMTC-PAMP could deliver swift transactions at their retail outlets, significantly enhancing customer experience.
Paving the Way for a Golden Future!
For MMTC-PAMP, partnering with Razorpay has meant more than just payments—it’s about building trust and innovation in India’s precious metals market. As MMTC-PAMP continues to pioneer the precious metals ecosystem, Razorpay remains a steadfast partner, enabling growth, efficiency, and customer satisfaction.
