Paytm introduces Payout Links for businesses, enables instant money transfer without collecting bank details
Hyderabad: India’s home-grown digital financial services platform Paytm has launched Payout Links for businesses, enabling them to instantly process payouts to customers, employees & vendors, without collecting their bank details. As businesses struggle with ever-growing numbers of manual financial processes, Payout Links offers seamless payment integration for businesses to quickly send incentives and refunds to customers through the easy and inexpensive method of a simple payout link. 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.
Paytm Payout Links can be easily created and shared with customers, vendors & employees in one go. The receiver needs to simply open the link and is automatically provided a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts, which can be chosen to receive money instantly. Since no other information is needed, the receiver is free from having to remember his bank details and the risk of human errors is effectively removed. Paytm 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 his bank details. Only a few clicks complete the entire process, accompanied by the highest level of security and the best success rate in the industry. The service is perfect for addressing the challenges of cash-on-delivery refunds, where businesses are not always privy to the banking details of customers and need to ensure that money is returned fast.
Paytm spokesperson said, “Our objective is to empower businesses with a simple, seamless & 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. Paytm Payout Links is extremely user friendly, intuitive and is easy to integrate with the present operations of a company.”
Paytm Payout is driven by powerful 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 that saves their time, resources and operational costs, leading to increased business efficiency. The service has exponentially grown to process payments more than Rs 2000 crore per month, even as it remains the most reliable way to transfer money into the Paytm wallet, food wallet, gift voucher, and bank accounts of millions of beneficiaries. Major companies like Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd are regular users of Paytm Payout.