Indian payments major, Paytm, on Thursday announced the launch of “Instant Bank Settlement” for merchants.
With the launch of this feature, merchants on Paytm can choose their preferred time to settle the payment collected or can also do an instant settlement as and when they want, directly into their bank accounts. This function is available to them on the ‘Paytm for Business’ app where the merchants can also track all their payments and settlements in real-time.
Paytm says that this feature will hugely benefit its 9.8 million partner merchants who accept payments using Paytm at their offline stores.
Until now, the company has rolled out this function to over one million merchants across India, and is currently in the process of rolling it out to its entire offline merchant base.
Speaking on the launch, Kiran Vasireddy, COO – Paytm said,
“Liquidity is very important for merchants to manage their cash flow and stay ahead of their personal and business cash needs. With this objective in mind, we have introduced the feature of instant settlements; wherein the merchants can receive all the payments collected on a real-time basis, directly in their bank accounts.”
According to Paytm, today customers on the platform are paying merchants by scanning the Paytm QR and choosing their preferred mode of payments amongst Paytm Wallet, BHIM UPI or bank accounts.
Earlier, the company also said that it had registered close to 179 million UPI transactions in October, witnessing a 30 percent increase since September, when the platform saw close to 137 million UPI transactions.
Paytm’s October numbers also pushed its market share to 37 percent from 34 percent in September.
At present, over 6 million offline merchants out of Paytm’s 9.8 million offline merchant base accept Paytm UPI for various purchases.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.