Paytm introduces Payout Links for businesses, enables money transfer sans collecting bank details
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.