- Paytm set to offer the additional service to both B2B and B2C consumers
- Several destinations available for payout, including e-wallets
- New service is a “revolutionary product that enables businesses to automate and centralise”, says Paytm
Digital payments look set to become a little bit easier in India after a big name on the country’s payments scene announced that it would allow sellers the option of a bulk payments function.
The move from Paytm, which is a well-known name in Indian commerce, will mean that vendors who use the service will be able to transfer cash to several different bank accounts in one go.
This innovative new online money transfer method could mean reduced time burdens for tasks like refund processing, supply chain management and more.
The payments services offered will be both business to business and business to consumer, and it is understood that the service can also be used by individual merchants to pay staff members.
The company says that the service will also allow for more unusual and innovative payment aims too, such as prize money offered as part of an incentive.
If a merchant wants to run a competition, for example, the bulk payments service may make the administrative burden of doing this less time-intensive.
When users decide on their remittance destination, they can pick from anything from e-wallets to bank accounts – and more.
The technology behind the system is an application programming interface, which is more commonly known as an API.
This system allows the user to bring Paytm into other services which it already uses for the management of its business processes.
It also provides a user-friendly dashboard.
According to Puneet Jain, Vice President of Paytm Payment Gateway, the new service is “revolutionary”.
"There is a large number of regular payments made by businesses (both B2B and B2C) such as salaries, reimbursements, incentives, instant refunds, prize money for winning games, vendor payouts, and meal allowances”, he said.
“We have introduced ‘Bulk Payments’ which is a revolutionary product that enables businesses to automate and centralise these payments, thereby moving from an operationally complex and fragmented method to an efficient and digital way of managing their business finances."
According to press reports, Paytm has an ambitious disbursement processing target of $1 billion US dollars in the 2019-2020 financial year.
On a strategic level, this new development is likely to help the company reach this goal.
Paytm was first set up back in 2010 and it is owned by a firm called One97 Communications, which specialises in web development.
Paytm announced in April that it had reached a significant milestone. It said that its payment pathways were responsible for 400 million transactions each month by merchant users of the service.
If you’re interested in finding out how companies such as Paytm are helping businesses increase the range of their B2B and B2C transactions, just take a look at our news pages where you’ll be able to find out all the latest.
