India-based payments company Paytm has launched Payout Links for companies which would be used to transfer B2B payments to suppliers, workers and clients without the need of their bank details.
According to the company, this will benefit partnered SMEs in sectors such as gaming, e-commerce, retail, export and manufacturing, to transfer salaries, vendor payments, commissions and gratification instantly. This service will reduce human errors related to payment details.
The company expects $13.3 million in monthly transactions with the launch of this service.
The Payout Links can be created and shared with customers, suppliers and vendors who can then open the link and will be given the option of a saved list of accounts such as Paytm Wallet, Paytm UPI and connected bank accounts. Neither the receiver nor the sender would need bank account details for this transaction.
Paytm Payout is backed by APIs on the Paytm for Business Dashboard to make bulk payments to Bank Accounts, UPI addresses, and Paytm Wallets instantly.
“This facility helps businesses adopt an automated payment mechanism that saves their time, resources and operational costs, leading to increased business efficiency”, the press release noted.