Paytm Payouts is a digital money transfer service for businesses
to help them make payments to their employees, vendors and business partners.
Fintech major
Paytm on Sunday said Paytm
Payouts has processed over Rs 1,500 crore in salaries and other benefits
for medium and large enterprises.
Paytm Payouts is a digital money transfer service for businesses to help them make payments to their employees, vendors and business partners.
"During this
ongoing lockdown, over 5,000 companies have used Paytm Payouts to pay salaries
and food allowances to employees, incentives and rewards to housekeeping,
labourers and other contractual staff, and even for expenses like utility bills
of their offices," Paytm said in a statement.
Launched this
year, Paytm Payouts offers APIs (needed to make apps) or Paytm for Business
Dashboard to make bulk payments to bank accounts, UPI addresses, and Paytm
Wallets instantly.
"Within 3
months of lockdown, Paytm Payouts has transferred over Rs 1,500 crore either to
the Paytm wallet, food wallet, gift voucher, or bank account of millions of
beneficiaries," the statement said.
Companies like
Pidilite Industries, Schneider Electric and Havmor Icecreams use the service to
transfer money to their employees, vendors and business partners such as
masons, painters, carpenters, electricians, sellers, etc, it added.
"During the
ongoing lockdown,
we have witnessed that more organisations are relying on digital money
transfers to pay salaries and other benefits to their employees, vendors, and
business partners. Paytm Payouts is a unique product that minimises their tasks
of tracking and reconciliation of different payments," Paytm Vice
President Narendra Yadav said.
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