Payout Link offer instant payment options without bank details
Paytm on Tuesday launched ‘Payout Links’ for businesses, enabling them to instantly process payouts to customers, employees, as well as vendors without collecting their bank details. According to a statement by Paytm, “the Payout Links offer seamless payment integration for businesses to send quick incentives and refunds to customers through an easy payout link. This will remove the need to store bank details and will benefit partnered SMEs in diverse sectors such as gaming, e-commerce, retail, export and manufacturing. It will allow easy transfer of salaries and making vendor payments, commissions.
How does the Paytm Payout Link works?
- The Payout Link can be created and shared with employees, vendors, and customers in one go.
- The sender can create Paytm Payout Links and share it with the receiver.
- The receiver needs to open the link. A list of saved accounts is provided such as Paytm Wallet, Paytm UPI and connected bank accounts that can be chosen to receive money instantly.
Paytm Payout Links is a new initiative under Paytm Payout and enables the receiver to exercise greater control in choosing exactly which account to receive the funds in and to maintain the privacy of bank details, the company said in a blog posted on its website.
Paytm Payout is driven by APIs on Paytm for Business Dashboard to make bulk payments to UPI addresses, bank accounts, and Paytm Wallets instantly. Companies such as Schneider Electric, Pidilite Industries, and Havmor Icecreams Pvt Ltd are regular users of Paytm Payout, the blog added.
Meanwhile, the Facebook-owned company WhatsApp has also introduced WhatsApp Payment services in India. WhatsApp pay can go live using the Unified Payments Interface (UPI), which is its operator. Facebook had been testing WhatsApp payments in India since 2018.
Disclosure: Paytm’s parent company One97 is an investor in Gadgets 360.