Indian payment firm Paytm has rolled out Payout Links for companies, which lets them immediately process payouts to suppliers, workers and clients without receiving their banking details, according to a Tuesday (Nov. 10) blog post.
Paytm says its Payout Links can be simply made and shared with workers, suppliers, and clients in “one go.” The entity getting the payment opens the link and is automatically presented with a list of saved accounts like Paytm UPI, Paytm Wallet and linked bank accounts.
As no additional data is required, the receiver doesn’t have to recall bank details and the risk of human error is essentially taken out of the equation. Furthermore, Payout Links lets the receiver have increased control over selecting the account that will receive the funds while also keeping banking information private.
Firms such as Havmor Icecreams Pvt Ltd, Schneider Electric and Pidilite Industries are regular Paytm Payout users, according to Paytm, which notes that its facility benefits partnered small to medium-sized enterprises (SMEs) in spaces like manufacturing, export, retail, online shopping and gaming.
Paytm Payout is fueled by strong application programming interfaces (APIs) on Paytm for Business Dashboard to make payments immediately and en masse to Paytm Wallets, UPI addresses and bank accounts.
“This facility helps businesses adopt an automated payment mechanism that saves their time, resources and operational costs, leading to increased business efficiency,” according to the blog post.
In separate news, Paytm teamed with SBI Card to roll out two kinds of contactless cards on the Visa platform. Two cards were to be provided — the Paytm SBI Card and the Paytm SBI Card SELECT. Both come with smart one-tap app functions, rewards and other user benefits.
Paytm Lending Chief Executive Officer Bhavesh Gupta said in a statement that, by aligning with SBI Card, Paytm has the ability “introduce India’s most sincere credit card with intelligent features,” with the inclusion of rewards that roll over and can always be good for use.