Indian digital payments major Paytm, which is owned by One97 Communications, has announced the launch of bulk payments facility for its merchants. This service enables large and small businesses to send money instantly to over as many accounts of various banks at one go.
With this, the company aims to simplify and digitise payments for both B2B and B2C players who make bulk payments on a regular basis to its vendors, employees, customers, and partners. For the financial year 2019-20, Paytm is aiming to process disbursements worth $1 billion, said a release.
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The gateway provides an easy-to-use dashboard, an API solution, which can be easily integrated with merchant’s existing systems. Businesses can choose to transfer into various destinations including bank account, UPI, and wallet. Further, they can send any amount into as many bank accounts.
Puneet Jain, Vice-President of Paytm Payment Gateway, said,
"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. 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."
Keeping different businesses and their specific requirements in view, this secure API solution has been developed, said the company in a release.
The company says the gateway is already enabled with modules such as beneficiary management, name validation service, and bulk disbursement among others.
In April this year, the company also announced the launch of a recurring payment feature for merchants using Paytm’s payment gateway.
The payment gateway also allows merchants to receive payments through different channels including email, SMS, and chat. The company claims that several large online businesses such as IRCTC, Zomato, OYO Rooms, Grofers, Swiggy, Bigbasket, and Idea leverage its payment gateway.
The Noida-based company isn’t the only consumer payments brand that operates a payment gateway. It’s arch rival, Gurugram-based MobiKwik, also owns its proprietary gateway, which counts brands including Uber and Dominos Pizza as clients.
(Edited by Megha Reddy)