Paytm Payouts processed Rs 1,500 Cr in salaries, other benefits for enterprises during lockdown
Fintech majoron Sunday said Paytm Payouts has processed over Rs 1,500 crore in salaries and other benefits for medium and large enterprises during the lockdown.
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.
Vijay Shekhar Sharma
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 three 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.
"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.
Going forward, Paytm will continue to work closely with partners and is expecting 100 percent growth, both in the number of transactions and volume by the end of this fiscal year.
Earlier this month, the fintech unicorn said that it has expanded its postpaid services to kirana stores and local retailers, which can be availed to buy essentials like groceries and milk, and increased its credit limit to up to Rs 1 lakh of monthly spends.
Besides kiranas, the service will be available at stores such as Reliance Fresh, Haldiram's, Apollo Pharmacy, Croma, and Shoppers Stop, among others, the company said in a press statement.
(Disclaimer: Additional background information has been added to this PTI copy for context)