– Enables instant money transfer to multiple bank accounts
– Digitizes business transactions for SMEs and large enterprises
– Aims to process disbursements worth a billion-dollar in FY ‘20
Paytm Payment Gateway (owned by One97 Communications Limited) has announced the launch of ‘Bulk Payments’ facility for merchants. This service enables large and small businesses alike to send money instantly to over as many accounts of various banks at one go. With this, the company is aiming to simplify and digitize payments for both B2B and B2C players who make bulk payments on a regular basis to their vendors, employees, customers, and partners.
This secure API solution has been developed keeping in view the different businesses and their specific requirements. It is already enabled with modules such as beneficiary management, name validation service, bulk disbursement among others.
Paytm Payment Gateway provides an easy to use dashboard, which is an API solution and can easily be 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 – 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 centralize these payments, thereby moving from an operationally complex and fragmented method to an efficient and digital way of managing their business finances.”