Paytm is making it easier for its merchant partners, businesses and companies to make bulk payments through its payment gateway with the launch of ‘Bulk Payments’ for the Paytm Payments Gateway. Businesses using Paytm to make payments to customers, vendors or employees can send money instantly to as many accounts as they need to, across various banks.
Paytm says the secure API bulk payments solution has been developed with a view to making business payment processes easier. Besides a dashboard for businesses to manage the payments, it has modules such as beneficiary management, name validation service, bulk disbursement among others. The company said it aims to process over a billion dollars in disbursements in FY 2020.
The supported transfer accounts including banking accounts, Unified Payments Interface (UPI) and wallets. Puneet Jain, vice president, Paytm Payment Gateway said B2B and B2C businesses can process payments 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.”
For offline digital payments, the company is looking to partner with over 20 Mn retail kirana stores, enabling them to accept all digital payments options UPI, Paytm Wallet and debit or credit cards. While customers are well-versed with cashbacks on UPI transactions between individuals, Paytm is hoping to build a cashless habit among these customers for payments in physical retail stores.
To boost the capacity of merchants to get better access to capital and have financial security, Paytm says it would invest in lending and insurance, rather than on P2P payments, in addition to boosting the Paytm cashback platform for offline use. The company claimed to have processed over 5 billion transactions in 2018-19, with 12 Mn merchant partners accepting payments through Paytm QR.