Paytm introduces payout links for businesses, enables money transfer without collecting bank details
PTI, Nov 11, 2020, 11:00 AM IST
New Delhi: Fintech major Paytm on Tuesday launched ‘Payout Links’ for businesses, enabling them to instantly process payouts to customers, employees and vendors without collecting their bank details.
Payout Links offer seamless payment integration for businesses to quickly send incentives and refunds to customers through a simple payout link, a statement said.
Removing the need to store thousands of bank details, the facility benefits partnered SMEs in diverse sectors such as gaming, e-commerce, retail, export and manufacturing, to transfer salaries, vendor payments, commissions and gratification instantly, it added.
The sender can create Paytm Payout Links and share with the receiver. The receiver needs to open the link and is then provided a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts that can be chosen to receive money instantly.
Paytm Payout Links – a new initiative under Paytm Payout – 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 his bank details, the statement said.
“Our objective is to empower businesses with a simple, seamless and automated process that helps in streamlining payments and help them with solutions that make business banking simple, flexible and efficient. This service helps businesses reduce cash transactions, maintain better records, avoid errors and delays,” a Paytm spokesperson said.
Paytm Payout Links is extremely user friendly, intuitive and is easy to integrate with the present operations of a company, the spokesperson added.
Paytm Payout is driven by APIs on Paytm for Business Dashboard to make bulk payments to bank accounts, UPI addresses, and Paytm Wallets instantly. The facility helps businesses adopt an automated payment mechanism, and has grown to process payments upwards of Rs 1,660 crore per month.
Companies like Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd are regular users of Paytm Payout, the statement said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
MUST WATCH
Latest Additions
My family faces threat from strangers who filmed inside my house: Neha Hiremath’s father
Indian-origin man shot, killed by San Antonio police amid attempts to apprehend him
Restored version of Shyam Benegal’s ‘Manthan’ to premiere at Cannes Film Festival
Aranthodu: Pillion rider killed in car-motorbike collision
Rahul Gandhi to address two public meetings in Karnataka today