Fintech major Paytm on Tuesday launched a ‘payout link’ for businesses, enabling them to pay customers, employees and vendors without collecting their bank details. A statement said that the payout link provides seamless payment integration for businesses to send incentives and refunds to customers through simple payment links. Convening benefits of SMEs in various sectors such as gaming, e-commerce, retail, export and manufacturing, eliminating the need to store thousands of bank statements, to quickly shift salaries, vendor payments, commissions and satisfaction , Added it.
The sender can create a Paytm payout link and share it with the receiver. The receiver is required to open the link and is then provided with a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts which can be selected to receive the funds immediately. The Paytm Payout Link – a new initiative under Paytm Payout – also enables receivers to choose which accounts to receive funds from, as well as maintaining the confidentiality of their bank details.
“Our objective is to empower businesses with a simple, intuitive and automated process that helps streamline payments and with solutions that make business banking simple, flexible and efficient. This service helps businesses reduce cash transactions, maintain better records, avoid errors and delay, ”said a Paytm spokesperson.
The spokesperson said that the Paytm payout link is highly user-friendly, intuitive and easy to integrate with the company’s current operations.
Paytm Payout is powered by an API for Business Dashboard on Paytm to instantly pay bank accounts, UPI addresses, and Paytm wallets. This facility helps businesses to adopt an automated payment mechanism, and has increased the process of payment of more than Rs 1,660 crore per month. The statement said that companies like Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd are regular users of Paytm payouts.
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