One of India’s leading e-commerce platform Paytm had introduced ‘Bulk Payments’ option in its payment gateway to make it easier for its companies, businesses, and merchant partners to do payments in bulk.
With this, the businesses can now make payments to the customers, vendor, and employees instantly to as many accounts they want to do across various banks.
The company said “the secure API bulk payment 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. It aims to process over a billion dollars in disbursements in FY 2020.”
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.”
Paytm is aiming to expand its payments and payments gateway branch in the past few months and has made several new features including bulk payments. They have also tied up with the Non-banking financial company (NBFC), the Clix Finance to start the service of digital loans to its customers as well as merchants.