Paytm Payout service which enables businesses to make bulk and instant money transfers to their employees, vendors & partners has launched a 24*7 RTGS facility to support companies make high-value transactions seamlessly.
The company said that the launch comes after the Reserve Bank of India (RBI) made an announcement to make RTGS 24*7. Paytm Payouts’ APIs and Paytm for Business Dashboard to make bulk payments to Bank Accounts, UPI addresses, and Paytm Wallets instantly.
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The RTGS service, which allows a minimum transfer limit of Rs 2 lakh, is especially beneficial for SMEs & large enterprises as it will save their time and resources while making high-value transactions, the company said in a release.
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Key Feature of Paytm 24*7 RTGS Facility:
– Businesses can instantly transfer any amount to anyone all days of the week.
– Paytm Payouts is the only platform offering most payment methods that work round the clock including Paytm Wallet, UPI, IMPS, NEFT, and RTGS.
– Supports businesses with a real-time payment system to manage their cash flows more efficiently.
– Enables companies with high-value transactions, such as transferring employee salary, to make bulk payments even on weekends.
“With Paytm Payouts 24*7 RTGS facility, companies are now empowered to handle their finances much better as high-value transactions can be made anytime. This in turn would help reduce their working capital requirement,” a spokesperson said.
“We believe this will help in further boosting the adoption of online payments in the country, making more businesses digitally empowered,” he added.
The Payouts service is driven by a powerful API that can be integrated with any platform, thereby eliminating the need for corporates to invest time & resources to build their own platform. It allows bulk payments to be made to Bank Accounts, UPI addresses, Paytm Wallets, Gift Vouchers, and other employee benefits like Food Allowance instantly.
In addition, companies and their finance department can manage their receivables and payables including utility payments, rent payments, vendor invoices, employee reimbursements, collections using this product. Also, it offers the highest transaction success rate in the industry. Apart from thousands of small businesses, a growing list of major companies like Pidilite Industries, Schneider Electric, and Havmor Icecreams use the service.
Mean-while, India’s coronavirus case count rose to 99.06 lakh, while the number of people who have recuperated from the disease surged to 94.22 lakh pushing the national recovery rate to 95.12 percent, according to the Union Health Ministry data updated on Monday. More than 22,000 infections were reported in a day on Tuesday, while the death count rose to 1,43,709 with 354 new fatalities, the data showed.
India currently has a fatality rate of 1.45 percent due to coronavirus. The government has said more than 70 percent of the people recover from COVID-19 with mild or very mild symptoms. Such cases may not even require admission to COVID-19 blocks or dedicated hospitals, the Health Ministry said.
