Paytm's new feature could help businesses process refunds, incentives, bulk payments easily.
Financial services platform Paytm has launched Payout Links, for businesses to process payout transactions easily, the company said in a press note on November 10.
Payout Links will allow businesses to send ‘incentives’ or refunds to the customers’ bank accounts or wallet accounts. It is aimed at helping small businesses in sectors like gaming, retail, export, manufacturing and e-commerce. It can be used for salary payments, vendor payments, commissions and incentive transfers to be done instantly.
Paytm Payout Links can be easily created and shared with customers, vendors and employees in one go. The receiver needs to simply open the link and is automatically provided with a list of saved accounts such as Paytm Wallet, Paytm UPI and connected bank accounts, which can be chosen to receive money instantly.
This feature is a new addition on the Paytm Payout feature which is meant for bulk payments to bank accounts, UPI handles and Paytm wallets instantly. The service already processes payments upwards of Rs 1660 crore per month. Major companies like Pidilite Industries, Schneider Electric and Havmor Icecreams use these services extensively, the company said.“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,” a Paytm spokesperson said.