Paytm has launched Payout Links for businesses, enabling them to instantly process payouts to customers, employees, and vendors, without collecting their bank details.
As businesses struggle with the 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.
Bank details
Removing the need to store bank details, the facility benefits partner SMEs in diverse sectors such as gaming, e-commerce, retail, export, and manufacturing, to transfer salaries, vendor payments, and commissions instantly.
Paytm Payout Links can be easily created and shared with customers, vendors, and employees in one go, said a release issued by the company.
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.
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.
Security
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.
“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. Paytm Payout Links is extremely user friendly, intuitive and is easy to integrate with the present operations of a company,” said a Paytm spokesperson.
The facility helps businesses adopt an automated payment mechanism that saves time, resources, and operational costs, leading to increased business efficiency.
The service has grown to process payments upwards of ₹1,660 crores 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 such as Pidilite Industries, Schneider Electric, and Havmor Icecreams Pvt Ltd, are the regular users of Paytm Payout, the release added.
Mean-while, Mean-while, India’s COVID-19 caseload rose to 85,91,730with 38,073 infections being reported in a day, while the number of people who have recuperated from the disease surged to 79,59,406 pushing the national recovery rate to 92.64 percent, according to the Union Health Ministry data updated on Tuesday. The coronavirus death toll climbed to 1,27,059 with 448 new fatalities, the data updated at 8 am showed. The COVID-19 case fatality rate stands at 1.48 percent. The number of active cases remained below 6 lakh for the twelfth consecutive day. There are 5,05,265 active cases of coronavirus infection in the country the data stated. India’s COVID-19 tally had crossed the 20-lakh mark on August 7,30 lakh on August 23 and 40 lakh on September 5.
