Mumbai: India’s homegrown digital financial services platform Paytm today announced that its 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. The service is especially beneficial for SMEs & large enterprises who use it to adopt an automated payment mechanism that saves their time and resources.
RBI’s move further supports commerce in the country and enhance ease of doing business recently allowed the transfer of funds through Real-Time Gross Settlement (RTGS) round-the-clock, 365 days a year. With the launch of this facility, Paytm Payout is the only service provider that offers seamless round the clock money transfers via Wallet, UPI, IMPS, NEFT & RTGS.
The company said that with 24*7 RTGS facility companies are now empowered to manage cash flows more efficiently. RTGS has a minimum transfer limit of Rs 2 lakh, with no upper limit, which helps businesses or individuals for making high-value transactions. Paytm Payout’s RTGS facility enables businesses to reduce their working capital requirement as they can now transfer salaries to employees even on the last day of the month even if it is a holiday or a Sunday. The company also said that its RTGS service also helps businesses in servicing their clients better as companies can now fulfil payment requests post-market hours.
Paytm Spokesperson said, “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. Our facility will further enhance the ease of making digital payments and empower businesses to quickly make and receive critical payments seamlessly. We believe this will help in further boosting the adoption of online payments in the country, making more businesses digitally empowered.”
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.