Indian-origin Fintech major Paytm launched Payout Links for businesses. The new service will enable them to instantly process payouts to customers, employees and vendors without collecting their bank details.
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.
Payout Links offer seamless payment integration for businesses to quickly send incentives and refunds to customers through 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, it added.
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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.
“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.
The facility helps businesses adopt an automated payment mechanism, and has grown to process payments upwards of ₹1,660 crore per month.