Paytm introduces Payout Links for businesses in India
By Edil Corneille
Indian digital payments company Paytm announced the launch of Payout Links for businesses, thereby enabling them to instantly process payouts to customers, employees and vendors, without the requirement of collecting the bank details.
As businesses struggle with ever-growing numbers of manual financial processes, the Payout Links of the company offers seamless payment integration for businesses to quickly send incentives and refunds to customers through the payout link.
Removing the need to store thousands of bank details, the facility of the company benefits partnered SMEs in diverse sectors such as gaming, e-commerce, retail, export and manufacturing, to transfer salaries, vendor payments, commissions and gratification instantly. Paytm is targeting a monthly transaction of INR 1 billion with the launch of the service.
Payout Links can be easily created and shared with customers, vendors and employees in a single go. The receiver needs to open the link and is automatically provided with a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts, which can be chosen to receive money instantly. The receiver is free from having to remember his bank details. Payout Links also enables the receiver to exercise greater control in choosing exactly which account to receive the funds in, as well as maintain the privacy of their bank details.
Paytm Payout is driven by APIs on Paytm for Business Dashboard to make bulk payments to bank accounts, UPI addresses, and Paytm Wallets instantly. This facility helps businesses adopt an automated payment mechanism that saves their time, resources and operational costs, thereby leading to increased business efficiency.
Paytm has apprised that the service has exponentially grown to process payments upwards of INR 20 billion per month.
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