On November 10, 2020 Paytm launched ‘Payout Links’, a new initiative under Paytm Payout, for businesses. This enables businesses to instantly make payments to the customers, employees & vendors, without the need to collect their bank details.
Purpose of Launch:
- To help businesses to make instant transfer of money in an easy and inexpensive method.
- To empower businesses with a simple, seamless and automated process which helps to streamline Payments.
- To help them with solutions which make business banking simple, flexible and also efficient.
- To help businesses reduce cash transactions, maintain better records, avoid errors and delays.
Need of the Launch- To help businesses who struggle with the ever-growing manual financial processes.
Points to be Noted:
i.Payout Links offers a seamless payment integration for businesses to instantly send incentives and refunds to customers.
ii.It removes the need to store many bank details.
iii.It benefits the partnered SMEs(Small and Medium Sized Enterprises) in various sectors namely, gaming, e-commerce, retail, export and manufacturing to instantly transfer salaries, vendor payments, commissions and gratification.
iv.With the launch of this service, paytm targets monthly transaction of Rs. 100 crore
Highlights of Payout Links:
- Payout links can be created from Paytm Payouts dashboard and shared with customers, vendors & employees in an easy way.
- The receiver needs to open the link, where automatically a list of saved accounts such as Paytm Wallet, Paytm UPI(Unified Payments Interface) and connected bank accounts are provided, which can be chosen to receive money instantly.
The service is suitable to address the challenges of cash-on-delivery refunds, where businesses are not always confidential to the banking details of customers and need to ensure that money is returned fast.
- The risk of human errors is removed, as the receiver is not required to remember his bank details.
- The Payout Links also enables the receiver to gain great control to choose exactly which account to receive the funds in and to maintain the privacy of his bank details.
i.The Paytm Payout is powered by powerful APIs(Application Programming Interface) on Paytm for Business Dashboard to make instant large payments to Bank Accounts, UPI addresses, and Paytm Wallets.
ii.This facility helps the businesses to adopt an automated payment mechanism which saves time, resources and operational costs, which in turn leads to increased business efficiency.
iii.This service as grown to process payments upwards of Rs. 2000 crore per month
Major companies like Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd are regular users of Paytm Payout.
Recent Related News:
Paytm has launched India’s 1st Pocket Android POS(Point of Sale) Device, ‘Paytm All-in-One Portable Android Smart POS’ for contactless ordering and payments in India.
Headquarters– Noida, Uttar Pradesh
Founder & CEO(Chief Executive Officer)– Vijay Shekhar Sharma
Founded– August 2010